Cairo – Mubasher: The Egyptian government has received EGP 1.13 billion in dividends from the business sector in fiscal year 2015/2016, a year-on-year increase of 8.4%, said public sector affairs minister Ashraf El-Sharqawy.
The results came after companies’ general meetings convened and approved distributions, the minister said in a statement.
Reports by the Accountability State Authority (ASA) forecast that the year 2017 will see an improvement for many companies’ financial positions, which in turn will pump more liquidity into the government’s coffers, he added.
Business sector companies’ profits surged 287% in the first half of FY16/17, logging a combined EGP 2.7 billion, compared to EGP 702 million in the year-ago period.
The sector’s firms turned to profitability in FY15/16 with EGP 1.67 billion in profits against EGP 324 million in losses the year before.
