1.1 bn profits of Metallurgical Industries Co. in 2009
Last Update: 14/02/2010 13:59:34 ArabSteel - Metallurgical Industries Co. (Egyptian Joint Stockholding Co.) in Egypt recorded a profit of EGP 1.1 bn for fiscal year 2008-2009 compared to EGP 1.9 bn for the previous year 2007-2008. Eng. Zaki Bassyoni, Chairman, attributed the decline in profits to a fall in exports demand, especially for aluminum, steel and iron companies; the drop in local demand; and to the severe deterioration of global prices to a level lower than that of the changing cost. Eng. Bassyoni told Al-Ahram, the Egyptian newspaper, that the investments carried out in the company amounted to nearly one billion Egyptian pounds, compared to EGP 713 million last year, confirming that necessary funds are being offered to companies that suffer a lack in liquidity, in addition to financing early retirement and restructuring programs. Minister of Investment in Egypt, Dr. Mahmoud Muhieddeen, who chaired the meetings of the general assembly of Metallurgical Industries Co., said that the debts of all the affiliated companies will be paid off entirely in 2010, after settling more than EGP20 bn in 2006-2007 of debts due on the public sector companies. Moreover, a surplus of EGP2.2 bn was achieved from interests on debts, thus affecting positively on the support of the financial position of the companies and achieving profitability, leading to increasing the ability to face crises.
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Metallurgical Industries Company
Egypt - 1.1 bn profits of Metallurgical Industries Co. in 2009