Egypt’s state companies have been enjoying robust earnings, official data shows, acting as a growth driver and eclipsing the private sector despite IMF-inspired reforms to restructure the economy.
Data published for the first time by the finance ministry gives a glimpse of how numerous state companies have prospered over the last few years, while investment in the private sector has languished. Revenue at 17 non-oil, state-run holding companies more than doubled over three years to 60.64 billion Egyptian pounds ($3.88 billion) in 2018/19, according to Reuters calculations. The calculations were based on the companies’ latest available results, published on the finance ministry’s website late last year. Net profit after tax at the 17 holding companies - which together control about 180 smaller companies - more than quadrupled over the three-year period, the data shows.