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Ministry of Public Business Sector: completion of the General Assemblies of DHCs
08 Oct 2017
 
moh.wanes
 

The Holding Company for Pharmaceuticals, Chemicals and Medical Supplies, one of the companies of the Ministry of Public Works Sector, concluded the work of the general assemblies of its subsidiaries to discuss and approve the results of the work for the fiscal year 2016/2017. The total revenues of the companies activity amounted to about LE 11.783 billion, an increase of 8% compared to the fiscal year  2015/2016.

The results of 8 companies out of a total of 11 affiliated  companies improved, either by increasing their profits or shifting from loss to profit or losing their losses, while two companies turned from profit to loss and losses of one company increased. The losses of the Egyptian Pharmaceutical Trading Company have affected the net profit of the affiliated  drug holding companies. The consolidated financial statements of the companies showed a loss of LE 505.422 million against a net profit of LE 167.424 million in 2015/2016.

El Gomhouria Company for Trading Chemicals & Medical Appliances has achieved its results with an increase in its profits for the year 2016/2017 by 253% to reach LE 9.968 million and its revenues increased to LE 1.454.103 billion, a 53% improvement over 2015/2016. Chemical Industries Development Company (CID) achieved a net profit of LE 28.319 million, an increase of 78% over the year 2015/2016, while revenues rose by 10% to LE 470.553 million. The Nile Company for Pharmaceuticals & Chemical Industries  achieved a profit of LE 23.194 million, a growth rate of 168% and an increase in revenues by 26% compared to 2015/2016 to reach LE 417.743 million.

Kahira for Pharmaceuticals & Chemical Industries Company also achieved a net profit of LE 97.920 million for the fiscal year 2016/2017, an increase of 90.6% and revenues of 690.180 million, a growth rate of 33.6% compared to 2015/2016. Alexandria company for Pharmaceuticals increased its profits by 91% to EGP 91.218 million, an increase of 27%. Revenues increased by 22% to reach LE 516.940 million. Arab Drug company's profits rose to LE 27.854 million, an increase of 143%, with a revenue of LE 339.034 million, a growth of 35.5% over the year 2015/2016.

Misr Company for pharmaceutical products has shifted from loss of EGP 7.993 million in 2015/2016 to achieve a net profit of LE 1.001 million in 2016/2017. Revenues increased by 8% to LE 241.846 million. While the losses of the Egyptian pharmaceutical trading Company reached 601.864 million pounds compared to 136.709 million pounds net profit in 2015/2016, and achieved revenues of more than 7 billion pounds. Also Memphis Company for Pharmaceuticals and Chemical Industries  shifted from a net profit of LE 89 thousand in 2015/2016 to a loss of LE 34.220 million and its revenues decreased by 30% to LE 250.213 million.

The losses of the company of Medical Appliances & Packages Company  declined by 24% to LE 28.399 million, and the revenues of the activity rose to 72.236 million pounds with a growth rate of 29%. While the losses of El Nasr pharmaceutical chemicals Company  to reach 126.676 million pounds, 42% over the year 2015/2016, and the value of revenues amounted to 276.854 million pounds for the year 2016/2017 with growth rate of 3%.

It is worth mentioning that the Egyptian Pharmaceutical Trading Company’s commitment to the supply of medicines at the old prices before the exchange rate was released led to losses exceeding half a billion pounds compared to the profits achieved in the previous years.

The General Assemblies agreed to change the number of 22 heads and members of the board of directors of the affiliated companies of the Drug Holding Company as part of the plan of the Ministry of Public Business Sector for administrative restructuring and  injecting new blood in the boards of directors and diversifying expertise to include technical, financial, legal, administrative and marketing aspects.

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