Sednaoui trims annual losses by LE 3M in FY 2016/17

CAIRO – 10 September 2017: Clothing and Consumer Products (Sednaoui) company was successful to shrink its annual losses by around LE 3 million, Board Chairman Hamdy Ahmed said Sunday.

Ahmed told Egypt Today that the company’s losses reached LE 5.5 million by the end of fiscal year 2016/2017, compared to LE 8.5 million in the previous year.

Financial indicators show that the firm, affiliated to the Public Business Sector Ministry, will post profits during the current fiscal year, Head of the Holding Company for Tourism and Hotels (HOTAC) Mervat Hataba said.

Hataba noted that Sednaoui will hold its general assembly to discuss its budget on September 18.

Clothing and Consumer Products Company is an Egyptian joint-stock company, affiliated to the HOTAC.

The Ministry of Public Business Sector launched an index to measure revenues and profits of affiliated companies.

Revenues of the public business sector have reached LE 80 billion ($45 billion) since the start of Egypt’s economic reform program.