Egypt’s Deputy Prime Minister Kamel Al-Wazir chaired a meeting revealing a significant revenue increase to EGP 589.76 million for FY 2023/2024, alongside full recovery from previous losses by subsidiary companies. Emphasis was placed on expanding operations and continuous skill development, ensuring timely project execution and adherence to standards.
Kamel Al-Wazir, Egypt’s Deputy Prime Minister for Industrial Development and Minister of Industry and Transport, recently presided over a General Assembly meeting of the Holding Company for Road, Bridge, and Land Transport Projects. During the meeting, the financial statements for the fiscal year 2023/2024 were reviewed and ratified, showcasing total revenues of approximately EGP 589.76 million, a significant increase compared to EGP 331.18 million in the previous fiscal year.
The Chairperson provided an overview of the company’s recent activities and achievements, noting the clearance of accumulated losses of the Nile General Company for Roads and Bridges. Furthermore, it was highlighted that profitability had been maintained by several subsidiaries over the past three years. The Nile General Company for Desert Roads has also achieved profits for the last two years after facing losses earlier.
Key projects executed by the holding company include the Alternative Aswan High Dam Axis and the construction of barriers at Damietta Port. Furthermore, investments have been made in factories producing concrete sleepers for various rail models. The company’s latest equipment investments are aimed at enhancing execution efficiency for ongoing and future projects.
Minister Al-Wazir emphasized the critical importance of adhering to standard specifications and meeting deadlines for projects. He urged the expansion of the company’s activities beyond traditional road and bridge construction to include infrastructure projects and sleeper manufacturing. He expressed the desire for continued operations in Africa and Arab nations to enhance the company’s footprint.
Moreover, the Minister called for the ongoing training and enhancement of skills for engineers and technicians, as well as the routine maintenance of existing machinery. He underscored the need for modernizing company assets and directed regular meetings with subsidiary companies to ensure timely project execution and address challenges effectively.
In conclusion, Deputy Prime Minister Al-Wazir’s insights underscore the growth and achievements of Egypt’s road and transport projects. The significant revenue increase and the recovery from losses highlight the company’s effective management. Emphasizing broader operational expansion and rigorous training, Al-Wazir aims to position the holding company as a leader in regional infrastructure projects.
Original Source: www.dailynewsegypt.com
