(MENAFN- Daily News Egypt) The Holding Company for Construction and Development (HCCD), one of the public companies owned by the Ministry of Investment, targets EGP 1.13bn in net profits for the draft budget of the new fiscal year (FY) 2015/2016.
This compares to losses of approximately EGP 504m during FY 2013/2014, according to a press release by the Ministry of Investment.
The ministry revealed that a general assembly was held for the company, chaired by the Minister of Investment and the President of the General Assembly, Ashraf Salman. Central Auditing Organization officials, General Assembly members, HCCD's Board of Directors and Investment Ministry officials were also present to discuss the company's draft budget for the next FY 2015/2016.
Salman pointed to the importance of the investment sector, considered to be one of the most promising sectors that offer many investment opportunities. He added that the sector could majorly help increase the rates of the Egyptian economy.
"The Asset Management Committee plays an effective role in following up with all the holding and affiliated companies. It also supervises the implementations of the development plans through performance indicators on a monthly basis, which shows clear implications regarding the percentage of the achieved plans and objectives," added Salman.
Chairman and Managing Editor of HCCD Mahmoud Hegazy said that his company is working on pumping new investments into the affiliated companies, as part of its efforts to boost revenues in the state's assets. It is also executing structuring and development plans for a number of the affiliated companies.
"In estimating the shares of the company in the profits of the affiliated companies, we have put into consideration the execution of the investment plans in these companies," added Hegazy.
They have also considered the available contracts and the production inputs at the prevailing market prices when preparing the budget, as well as the effect of the expected increases resulting from the sovereign decisions on salaries.
Total revenues from the targeted activity in the new fiscal year (FY) 2015/2016 are estimated at EGP 13.7bn, compared to the initial number at EGP 6.7bn for FY 2013/2014.
The cost of revenue activity in the new budget of FY 2015/2016 is roughly EGP 11.4bn, compared to the initial number at EGP 6.4 for FY 2013/2014.
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