Chairperson of the Chemical Industries Holding Company (CIHC), Yasser El Naggar, presented a report of the board of directors regarding the terms of the estimated budget of the company and the projects targeted the next fiscal year.
Independently, the company aims to achieve a profit of EGP 382m, total revenues of EGP 665m, with a 4.8% decline compared to fiscal year 2015/2016.
El Naggar said that the companies affiliated to the CIHC aim to achieve revenues from their activities estimated at EGP 20.4bn compared to the previous fiscal year, with a 3% increase, in addition to a net profit of EGP 1.5bn with an 84.9% increase over the previous year.
Ashraf El Sharqawy, Minister of Public Sector Affairs, stressed the importance of the Eastern Company for Tobacco, affiliated to the CIHC, in tobacco cultivation and exporting in Egypt. He stressed the importance of signing new contracts over the next three months.
El Sharqawy listened to the report by the Accountability State Authority regarding financial lists performance assessment and to the remarks of the company’s board of directors.
The company’s general assembly agreed on the continuation of the board of directors whose term ends this fiscal year, until a decision of a new formation is made by the minister.