Public companies sales up to 32.8 billion, profits hit 2460 million; 47 companies for privatization

Egypt's Minister of Public Enterprises Sector Mokhtar Khattab announced yesterday that the sales of he companies affiliated to the public sector increased from L.E. 29.7 billion in June 2001 to L.E. 32.8 billion this year with a rate of increase of 10.4% scoring profits worth L.E. 2460 million.

ÊÊÊ The sale of 173 public enterprises brought L.E 33 billion in revenue at the end of last fiscal year (FY), Khattab said in a statement yesterday on the privatization program.

ÊÊÊ "Improved market conditions and the greater competitiveness of Egyptian products led to increase revenues," Khattab said at a press conference.

ÊÊÊ Sales of the Holding Company for Cotton, Weaving and Spinning, for example, rose from L.E 2.9 billion in FY 2000-2001 to L.E 3.6 billion in FY 2001-2002. Revenues from the Holding Company for Food Industries rose to L.E 8.1 billion, compared with L.E 6.8 billion in the previous year.

ÊÊÊ Sales of the Holding Company for Trade peaked at L.E 1.5 billion for the second year running and the Holding Company for Transport posted an increase from L.E 1.2 billion in FY 2000-2001 to L.E 1.3 billion the following FY.

ÊÊÊ Khattab said that the decline in sales of the Holding Company for Housing, Tourism and Cinema from L.E 1.1 to L.E 1 billion in the same period was due to the impact of September 11.

ÊÊÊ "Store surpluses of companies affiliated to the ministry dropped from L.E 4 billion in the FY 2000-2001 to L.E 3.6 billion the following year," Khattab said.

ÊÊÊ "Each company should have at least two months' production in its stores," he said.

ÊÊÊ Khattab indicated that the privatization program includes this year preparing 47 companies worth L.E 7.3 billion for privatization whether as shares in the bourse or selling to an anchor investor.