The Metallurgical Industries Company (MICOR) subsidiaries’ achieved total revenues of EGP 22.518bn in the fiscal year (FY) 2017/18, an increase of 39.5% from 2016/17, and a net profit of EGP 2.3bn, the company said on Monday.
The company’s announcement came during its general assembly meeting which was chaired by the Minister of Public Enterprise Sector, Hisham Tawfik, who also chaired the general assembly of the Chemical Industries Holding Company (CIHC) subsequently.
The MICOR added that its Holding Company – excluding subsidiaries – achieved total revenues of EGP 1.984bn in FY 2017/18, a 115% growth compared to the previous year, and a net profit of EGP 1.123bn, an increase of 135% compared to FY 2016/17.
The Chairperson of the CIHC, Emad Eldeen Mostafa, revealed that the company’s financial results for FY 2017/18, including total revenues of EGP 3.3bn, a growth of 201% compared to FY 2016/17, while its net profit rose by 21.6% to reach about EGP 501.3m.
As for the company’s performance indicators of its subsidiaries, the CIHC revenues registered EGP 19.3bn, while its net profit reached EGP 2.5bn, marking a growth of 305% from the previous year.
Furthermore, the CIHC general assembly approved the disbursement of the ministry of finance’s share of the company’s profits which amounted to EGP 138.6m.
The funds disbursed to the state treasury from the company and its subsidiaries in FY 2017/18 registered EGP 56.6bn, growing by 32% on a year-over-year basis, most of which came from the Eastern Company for Tobacco in the form of taxes and fees.