Net profit of Holding Company for Food Industries drops to LE 800M in 2018/19

CAIRO - 9 April 2020: The Holding Company For Food Industries said that the net profit of its affiliates dropped to LE 800 million in 2018/2019 from LE 1.2 billion in 2017/2018.

This was announced during a meeting of the general assembly of the state-owned company under Supply Minister Ali el Meselhi.

The company said that the LE 400 million drop in the net profit of its subsidiaries was due to the increase in expenditures which included higher worker wages and energy prices, adding that the prices of the basic commodities that it provides to consumers were not increased given the important role which the company plays to stabilize prices in the local market.