The Deputy Prime Minister for Industrial Development, Kamel Al-Wazir, chaired a meeting where the Holding Company for Road, Bridge, and Land Transport Projects reported significant revenue growth for 2023/2024. The company has successfully cleared past losses and continues to maintain profitability. Al-Wazir called for expansion beyond traditional projects and emphasized the importance of training and modernization.
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. The meeting resulted in the review and approval of financial statements for the fiscal year 2023/2024. The holding company reported impressive total revenues of EGP 589.76 million, a notable increase from EGP 331.18 million in the previous fiscal year.
During the assembly, the Chairperson provided an overview of the company’s activities, achievements, and significant projects completed in recent years. Notably, all accumulated losses of both the Nile General Company for Roads and Bridges and the Nile General Company for Desert Roads have been fully cleared. Furthermore, the Nile General Company for Construction and Roads maintained profitability over the past three years, while the Nile General Company for Desert Roads has recorded consecutive profits after embarking on a recovery from past losses.
The Chairperson also highlighted key initiatives executed by the holding company, which include projects such as the Alternative Aswan High Dam Axis and the construction of barriers at Damietta Port. Additionally, the company acquired factories for producing concrete sleepers for new railway models. It has invested in advanced equipment to enhance the execution pace of its projects.
Minister Al-Wazir underscored the importance of adhering to high standard specifications and timelines in project execution. He advocated for the expansion of operations beyond road and bridge construction into related fields, such as sleeper manufacturing and broader infrastructure engagements. He particularly emphasized the need for an increased operational reach beyond Egypt, specifically targeting Africa and the Arab region.
The Minister further called for ongoing training and upskilling for engineers and technicians, highlighting the necessity for regular maintenance of equipment to ensure efficiency. He urged the modernization of the company’s assets with contemporary machinery and directed the Chairperson to undertake regular oversight of subsidiary operations, ensuring project timelines are met and challenges addressed proactively to mitigate delays.
In conclusion, Deputy Prime Minister Kamel Al-Wazir’s recent meeting highlighted the impressive growth and profitability of the Holding Company for Road, Bridge, and Land Transport Projects. Emphasizing the need for adherence to quality standards and expansion into new areas, Al-Wazir’s vision seeks to augment the company’s operations both domestically and across the African and Arab regions. Continuous investment in training and modernization are vital for sustaining this positive trajectory.
Original Source: www.dailynewsegypt.com
