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Neeasae's budget records EGP 230m for FY 2019/20 - Daily News Egypt

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Neeasae’s budget records EGP 230m for FY 2019/20

Company owes EGP 90m to NIB

Neeasae – El Nasr for Electric and Electronic Apparatus has adopted EGP 230m worth budget for the next fiscal year (FY) 2019/20.

Chairperson of the company, Ashraf Soltan, told Daily News Egypt that the coming period will see further development of factories to saved costs by 25%.

He explained that the company will resume its LED bulbs production within a few weeks, with a production capacity of 110,000 bulbs per year, before gradually increasing over time. Neeasae also aims to produce new products in the coming year.

Soltan added that Neeasae owes EGP 90m to the National Investment Bank (NIB), which will be scheduled over the coming period. The company is currently working on solving this crisis, as he put it.

The company’s original arrears were EGP 10m, but they increased due to fines and interests. The company’s losses in FY 2017/18 reached EGP 7.4m.

Furthermore, Soltan added: “The loss is expected to decrease in the coming period, and the company will turn to profits of at least EGP 6.5m.”

The company’s objectives in 2019 are to improve the company’s market share.

Moreover, Neeasae also aims to export its products to Arab and African markets, develop its production quality, implement all the requirements according to Egyptian standards, and improve the company’s after-sales-service to ensure better customer satisfaction.

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