Egypt’s Deputy PM Kamel Al-Wazir reviewed the Holding Company for Road, Bridge, and Land Transport’s financial statements, noting a revenue increase to EGP 589.76 million for FY 2023/2024. The company has successfully cleared previous losses and emphasized expansion into manufacturing and international operations, highlighting the importance of training and modern equipment.
Kamel Al-Wazir, Egypt’s Deputy Prime Minister for Industrial Development and Minister of Industry and Transport, presided over the General Assembly meeting of the Holding Company for Road, Bridge, and Land Transport Projects. During this meeting, the financial statements for the fiscal year 2023/2024 were reviewed and approved, showcasing total revenues of approximately EGP 589.76 million, a notable increase from EGP 331.18 million in the previous fiscal year.
The Chairperson provided an overview of recent activities, successes, and completed major projects, announcing that accumulated losses from the Nile General Companies for Roads, Bridges, and Desert Roads have been fully addressed. Furthermore, profitability was maintained across several divisions over the past three years, with the Nile General Company for Desert Roads seeing profits for the last two consecutive financial years after prior losses.
Key projects highlighted included the Alternative Aswan High Dam Axis and the construction of significant barriers at Damietta Port. The holding company has also made investments in factories that manufacture concrete sleepers for both the high-speed rail model (RFI 260) and the (B70) sleeper model, in addition to new equipment aimed at expediting project execution.
Al-Wazir called for stringent adherence to standards and timelines during project execution. He advocated for expanding the focus beyond traditional road and bridge construction to include auxiliary activities like sleeper manufacturing and participation in broader infrastructure initiatives, particularly extending operations throughout Africa and the Arab world.
The minister emphasized the imperative of ongoing training for engineers and technicians, alongside regular maintenance of equipment to ensure efficiency. Furthermore, he directed the Holding Company to improve asset modernization with the latest machinery and emphasized the importance of consistent communication and monitoring of project timelines to avoid delays and challenges.
In summary, the meeting highlighted the significant financial growth of the Holding Company for Road, Bridge, and Land Transport Projects and its commitment to expanding operations both domestically and abroad. The focus on project adherence to standards, alongside investments in manufacturing and equipment, signals a strategic direction towards enhancing infrastructure capabilities in Egypt and beyond.
Original Source: www.dailynewsegypt.com
