Business public sector achieves profit increase

CAIRO – 18 June 2017: President Abdel Fatah al-Sisi met Saturday with Prime Minister Sherif Ismail and Minister of Business Public Sector Ashraf el-Sharkawy who presented the development processes which took place in the first half of the fiscal year 2016-2017.

Sharkawy said that the eight public holding companies and their 121 subsidiaries achieved net profits of LE 5 billion between July 2016 and April 2017 which is higher than the last fiscal year.

The number of companies generating profits is increasing while the number of companies suffering from losses decreased, according to Al-Watan online newspaper.

Modernizing and expansion works took place in the aluminum company in Nagaa Hamady city in Upper Egypt, iron and steel factory in Helwan - a southern suburb of Cairo and Delta Steel Mills in Qalyubia governorate.

Sisi gave directives to Minister Sharkawy for a plan to develop cotton ginning and pressing factories in Egypt, in parallel to increasing high-quality cotton cultivation, Al-Watan added.