Egyptian companies see great performance: profits of LE 1.8 billion

The Egyptian minister of the general business sector Atef Ebeid said yesterday that profits of the Egyptian general business sector reached LE1.8 billion.

In statements to reporters, Ebeid said, "The profits of the Egyptian companies in the general business sector have increased 40 times during four years as they were only LE 42 million Egyptian pounds in the year 1994.

Ebied said, "The state's share in the companies of the general business sector were estimated at LE 7.5 billion" reflecting the privatization of the equivalent of about 13.5 billion shares.

The Egyptian government has adopted over the last seven years a privatization program that aims at converting the ownership of general business sector companies to the private sector, as the state is selling its share in the companies to the private sector investors.

Egypt aims at finishing the privatization program before the year of 2000.