Dr Khaled Hanafi, Minister of Supply and Internal Trade, announced that the Food Industries Holding Company’s (FIHC) production for FY 2014/2015 reached EGP 31.5bn against EGP 25.4bn last year with an EGP 6.1bn increase and 24 per cent progress. Total production of subsidiaries was EGP 29.7bn against EGP 24bn last year with an EGP 5.7bn increase, 23.8 per cent progress, and EGP 550m net profits.
FIHC’s General Assembly held a regular meeting to approve 2014/2015 budget which was attended by Chairman Ibrahim Hassanein, and members of BOD. During the meeting, Hanafy said that FIHC increased its supply of basic food commodities; like sugar, rice, poultry, flour, butter…etc.- most of which it produces- at all branches of commissaries and refrigerator cars at affordable prices, lower than those offered by private companies. This is for the purpose of relievine financial burdens for low-income citizens.
Hanafy announced that FIHC is currently developing and updating its subsidiaries; including sugar, oil, dairy products, grinding and rice milling companies. FIHC plans to enhance and diversify production of its subsidiaries and increase quality, to be up to tough competition with private sector products, increase exports to Arab markets, and to enter European and International markets.
Finally, he said that this development process includes using the most advanced technology to update product lines and warehouses; increase production capacity and diversity; develop packaging and canning systems; re-design cans and packages; improve transport, storing, trading, and marketing techniques. He added that FIHC is trying to invest its assets to establish new projects and increase revenues, and has already developed more than 500 of its commissaries.
