Engineer Mahmoud Esmat, Minister of Public Business Sector, chaired the work of the Ordinary General Assembly of the Holding Company for Pharmaceuticals, Chemicals and Medical Appliances, in the presence of members of the General Assembly, the company’s board of directors, representatives of the Central Auditing Organization and the Ministry of Finance.
The General Assembly approved, according to the ministry’s statement today, the report of the Board of Directors on the draft independent and consolidated budget for the Holding Company for Pharmaceuticals for the fiscal year 2022/2023, as the consolidated lists aim to achieve total revenues of about 7.5 billion pounds, with a growth rate of 34% compared to the actual year 2020/2021, as well as Achieving a net profit of 642.3 million pounds, with a growth rate of about 70%, while the value of the targeted exports amounted to 466 million pounds, with a growth rate of 34.7% compared to the actual year 2020/2021.
In this context, the Minister directed the management of the holding company to work towards achieving economic exploitation of the available human and material energies, and to complete modernization and development projects for production lines to keep pace with the global development in the pharmaceutical industry, and to produce new preparations while activating efforts made in the field of marketing to develop exports, open new markets and develop offices. Scientific.
He also directed work to open new sources for purchasing raw materials and production requirements to ensure obtaining the best prices, limiting imports to items not produced locally, in addition to rationalizing inventory and activating collections from customers.
On the other hand, the General Assembly agreed that the holding company would sign a loan guarantee contract from local banks to finance development operations and comply with the requirements of Good Manufacturing Practice (GMP) in affiliated companies, with a value of about 870 million pounds.
In the context of keenness to resolve financial entanglements between government agencies, in a way that improves the financial conditions and structures of companies within their development plans, the General Assembly approved the holding company’s signing of a loan guarantee contract from local banks to pay the amount of 600 million pounds of the indebtedness of companies affiliated with El Gomhouria Company in accordance with the framework agreement The site is between the Minister of the Public Business Sector and the President of the Egyptian Authority for Unified Procurement and Medical Supply and the Department of Medical Technology.