General Assembly of the Holding Company for Maritime and Inland TransportSource: www.export-egypt.com 7/29/2014, Location: Africa |
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The annual general assembly of the Holding Company for Maritime and Inland Transport was chaired by the Minister of Investment, Mr. Ashraf Salman.
The meeting was attended by representatives of the Central Auditing Organization, board members of the Holding Company and representatives of the Ministry of Investment in order to discuss the company’s indicative budget for the fiscal year 2014/15. The board’s report on the company’s indicative budget was presented by Admiral. Mohamed Yousef, chairman of the company. He noted that the Holding Company is expected to attain profits of EGP 115.2 million during the budget year 2014/15. As such, the company’s targeted revenues amounted to EGP 271 million from the portfolio management activity during FY 2014/15. The targeted financial indicators of affiliates of the Holding Company in the budget year were as follows: - Activity revenues of EGP 4.2 billion by six affiliates compared to an expected revenue of EGP 3.7 billion for FY 2013/14. - The budget targets EGP 696 million in net profits of affiliates compared to EGP 694 million this year. - Affiliates target investments of EGP 923 million during the budget year 2014/15 compared to investments of EGP 1117 million for the fiscal year ending on June 30, 2014. Then the meeting heard the CAO’s report and comments of the general assembly members on the indicative budget. The company’s management presented its feedback on those comments. The Minister of Investment highlighted the social role played by the Holding Company and its affiliates in the provision of the transport services, especially during crises over the past three years. The Minister noted that the Holding Company and its affiliates weathered significant financial risks and burdens to undertake this national role within their corporate social responsibility. He highlighted the state’s commitment to protect workers’ rights and develop their skills. The Minister said it was important to support new investments of the Holding Company’s affiliates, especially those investments in the new container handling station and the technical restructuring of companies for purposes of development, upgrade and increase of profits, being main components of the state-owned asset management program. Admiral. Mohamed Yousef highlighted the Holding Company’s role in ongoing follow up of affiliates’ performance. He explained that the Holding Company fully coordinates with the Ministry of Investment and relevant bodies concerning the maritime and inland transport business. The general assembly of the Holding Company for Maritime and Inland Transport approved the company’s indicative budget for the fiscal year 2014/15. |
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