Military Production Ministry's Companies Achieve 144% Revenue Growth In FY 2024

12/14/2024 2:27:13 PM

(MENAFN- Daily News Egypt) Egypt's Minister of State for Military Production, Mohamed Salah El-Din Mostafa, presided over a series of general assembly meetings for the ministry's affiliated companies and units. Spanning three days, these meetings focused on reviewing financial statements for the fiscal year 2023/2024 and evaluating the performance of the associated entities.

The discussions revealed impressive financial achievements, with revenue growth reaching 144% for FY 2023/2024, representing a 44% increase compared to the previous fiscal year. Key performance indicators reviewed included revenues from activities, net sales, completed production, finished goods inventory, employee statistics, wages, raw material usage, and overall financial summaries.

Minister Mostafa stressed the importance of optimizing the technological capabilities, material resources, and human capital of these companies to further enhance performance and productivity. He urged company chairpersons to align their efforts, emphasizing collaboration, integration, and adherence to governance principles to ensure efficient management of the Ministry's assets. Cost optimization and proactive measures against potential encroachments were highlighted as priorities.

Accelerating the development of ongoing projects was another focus, with a call to adhere strictly to project timelines to maximize returns and bolster contributions to the national economy. The minister also underscored the importance of meeting contract obligations promptly while maintaining the high quality expected of the Ministry of Military Production.

Acknowledging the global economic challenges stemming from rising energy and food prices, along with disrupted supply chains, Mostafa noted their impact on economic recovery efforts. However, he emphasized the Egyptian government's commitment to stabilizing labour markets, mitigating adverse effects, and supporting affected sectors and citizens.

As part of its strategic goals, the Ministry of Military Production is advancing the localization of advanced manufacturing technologies within its affiliated companies. This effort aims to increase local components in products, conserve foreign currency, and reduce reliance on imports, reinforcing the Ministry's position as a key contributor to the national economy.

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