During the meeting, the company's financial statements for the fiscal year 2023-2024 and the draft planning budget for the fiscal year 2025-2026 were approved. Approval was also given to increase the company's issued and paid-up capital to EGP 10 billion instead of EGP 9.25 billion, an increase of EGP 750 million.
El-Sherbiny pointed to the economic repercussions of
the geopolitical tensions and ongoing conflicts witnessed worldwide during the
2023/2024 fiscal year. The most significant of these repercussions were slow
growth rates, persistently high inflation, and a slower-than-expected rate of
decline. These repercussions included fluctuations in energy prices,
disruptions to shipping and supply chains, and disruptions to international and
regional economic repercussions. Despite these challenges, the Egyptian
government has continued its policy aimed at containing the negative effects of
international and regional economic repercussions, achieving macroeconomic
stability, boosting economic growth, and controlling inflation.
He added that the state has continued to strengthen its
social safety net to ensure the greatest possible protection for the most
vulnerable, including the implementation of housing and infrastructure
projects, as well as the development of villages through the presidential
initiative for "Decent Life" projects, which aims to improve the
living conditions of Egyptian citizens. The state has also focused on
establishing projects that achieve sustainability in the use of renewable
energy, water desalination, safe waste disposal and recycling, and
environmental compatibility projects.
He stressed that the company is one of the key entities
assisting in the implementation of these plans, as well as contributing to
enhancing Egypt's image abroad through its implementation of development
projects in African and Arab countries. Therefore, the company must
continuously work to support its young, talented cadres. It is also crucial for
the company to efficiently and effectively utilize its capabilities and
energies to maintain its leading position in this sector, especially given its
accumulated experience and rich track record of achievements. The company's
business results for 2023/2024 showed the implementation of (121) projects, a
12.77% growth in the value of completed work compared to the previous year, an
increase in the company's total equity, and a continued increase in the
company's paid-in capital from its business results. The total paid-in capital
increase over the past five years has reached EGP 2.75 billion, without the
state budget bearing any burdens as a result. In addition to the company's
financial results, it contributes to the provision of job opportunities, with
approximately 59,000 workers employed.
The Minister appreciated the efforts made by the company to develop its performance, increase its revenues, and maintain its leading position at home and abroad, stressing the state’s keenness on the company’s continued success and sustainable growth as one of the state’s most important companies in implementing national projects throughout the state’s successive economic and social development plans.