During the meeting, the company's financial statements and final accounts were approved, along with the reports from the board of directors and auditors from the Central Auditing Organization. The budget and financial statements for the fiscal year ending December 31, 2023, were also ratified.
The company's chairman highlighted efforts to restore its
balance sheet, noting a shift from losses to profitability. He said the company
had achieved a 12% increase in its passenger market share compared to the
previous year, 2022, and had seen a 19% growth rate.
Operational revenues surged by 113% in 2023 compared to
2022, the chairman said, attributing the increase to higher sales from the
company and its Egyptian and Saudi agents. He also cited revenue from maritime
agency services and better use of company facilities.
Al-Wazir urged the board to adhere to its development plans
to achieve higher growth rates and continuously increase resources. He
suggested expanding existing routes and exploring new ones, such as the
Hurghada-Sharm El Sheikh line. He also recommended an analytical study to
evaluate the company's ship leasing policy, which aims to open new markets and
meet rising demand for sea transport.
The Minister affirmed his full support for the company and its employees, highlighting a comprehensive ministry-wide plan to develop all its affiliated maritime transport companies—Cairo Ferries, Arab Bridge Maritime, National Navigation Company, and Egyptian Petroleum Tankers Company. The plan aims to grow the commercial fleet to 30 vessels by 2030, in line with directives from President Abdel Fattah El-Sisi to restore the strength of Egypt's commercial fleet.