Egypt’s HCFI eyes revenues of $1.10bln in FY21/22

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Cairo – Egypt’s Minister of Supply and Internal Trade, Ali El-Moselhy, said the ministry is adopting plans to develop factories affiliated to the Holding Company for Food Industries (HCFI) with large investments, such as the case with Qaha and Edfina companies.

The minister also noted that the company’s mechanisation of its complexes and warehouses has helped track the flow of commodities.

The statement was made on Wednesday, 24 August during the HCFI’s ordinary general meeting (OGM), which Moselhy chaired.

For his part, the CEO of HCFI, Ahmed Hassanein, said the company intends to generate revenues of EGP 21.46 billion during the current fiscal year (FY) 2021/2022, an increase of 23% when compared to EGP 17.48 billion a year earlier.

Additionally, Hassanein mentioned that the company aims to log EGP 210 million in FY21/22’s net profits.

Investments in the projects of replacement, renewal, expansions, and environment protection amounted to EGP 453 million, of which EGP 440 million were self-financed, and EGP 13.50 million were funded from interest-free loans, Hassanein revealed.