Egypt’s state silos company sees 24 percent profit rise in 2002
Egypt’s General Silos and Storage Company (GSSC) posted a 24 percent net profit rise for financial year 2002, which ended June 31, reaching 30.4 million Egyptian pounds ($6.5 million) compared to EP24.5 million during the previous year.
The company’s sales rose by 31 percent to reach EP157.4 million, while the cost of goods sold (COGS) increased by 28 percent to reach EP121.9 million, resulting in a 38 percent gross profit increase of EP35.5 million, compared to EP25.7 million last year.
GSSC, a parastatal entity under the Egyptian Ministry of Supply, is responsible for Egypt’s import, storage, protection and distribution of imported cereal grains—mainly wheat and wheat flour. It has modern grain silos, located in Cairo, Alexandria, Damietta and Safaga.
Egyptian purchases of foreign wheat have recently been partially privatized, with nearly half of Egypt’s seven million ton wheat imports and two million-ton flour shipments, handed over to the private sector. — (menareport.com)
© 2002 Mena Report (www.menareport.com)