The ordinary General Assembly Meeting of the Holding Company for Food Industries was chaired by Eng. Adel Al Mouzi, the current supervisor of the Ministry of Investment and chairman of the General Assembly.
The meeting was attended by representatives of the Central Auditing Organization, members of the general assembly, board members of the holding company for Food Industries and representatives from the Ministry of Investment. The holding company's estimated budget for FY 2011/2012 was discussed.
The holding company's board report on the FY 2011/2012 budget was presented by its chairman, Eng. Ahmed Al Rakaiby. The report reviewed the holding company's future plans and new investments in affiliates, the impact of debt settlements concluded by the Ministry of Investment and the company's efforts to improve workers' positions and implement corporate governance and social responsibility standards.
Al Mouzi highlighted the social role undertaken by public sector companies in food industries and marketing goods especially during crises. He urged constant injection of investments to improve and restructure food distribution companies and consumers' outlets, which are spread in all governorates.
Affiliates had the following financial indicators in the budget:
- Affiliates' targeted current activity revenues amounted to EGP 18.2 billion during FY 2011/2012 (for 23 companies) compared to an actual amount of EGP 14 billion in FY 2009/2010, increasing by 130 percent.
- The targeted net profit amounts to EGP 420 million during FY 2011/2012 compared to an expected net profit of EGP 479 million during FY 2010/2011.
- The holding company targets to achieve exports of EGP 412.6 million during FY 2011/2012 compared to EGP 682.2 million during FY 2009/2010.
- Targeted investments in affiliates amount to EGP 578 million during FY 2011/2012.
Then the meeting heard the Central Auditing Organization's report on the estimated budget and the holding company's response to it.
The general assembly endorsed the holding company's estimated budget for FY 2011/2012.