The General Assembly of the Drug Holding Company for Pharmaceuticals, Chemicals and Medical Supplies, chaired by Dr. Ashraf Al-Sharkawy, Minister of Public Business Sector, approved the company's budget for the financial year 2017/2018 in the presence of the Chairman, members of the Board of Directors, the General Assembly and the representatives of the Central Auditing Organization .
The Chairman of the Drug Holding Company reviewed the report of the Board of Directors on the budget estimates of the Drug holding company for the financial year 2017/2018. The holding company independently aims to achieve a net profit of LE 145 million, an increase of 11.5% over the fiscal year 2015/2016, And a total revenue of 260 million pounds, an increase of 7.5% from the 2015/2016.
According to the provisions of the budget estimates, the subsidiaries aim to achieve revenues of activity for the fiscal year 2017/2018 about 16 billion pounds, an increase of 47.8% from the 2015/2016 and a net profit of 296 million pounds, an improvement of 77.2%.
This was followed by listening to the Central Auditing Organization's report on the financial statements, performance evaluation and observations of the members of the General Assembly, and the comments of the Board of Directors of the Drug Holding Company on these observations.
The Ordinary General Assembly of the Holding Company approved the adoption of the changes made in the Board of Directors of the company during the month of May.
In this context, the Minister of Business thanked Dr. Adel Abdel Halim, the former President of the Drug Holding Company, for his efforts during his tenure as Chairman of the Board of Directors in the light of the challenges facing the Drug Holding Company.
In the light of the previous directives of the Minister during his meeting with the Chairman of the Drug Holding Company and the heads of the subsidiaries in February, the General Assembly recommended under the chairmanship of Dr. Ashraf Al-Sharkawi, the Minister of Public Business Sector, the need to establish a management in the Drug Holding Company to follow up the registration of the products , And to prepare a unified guide for the procurement work, which contributes to obtaining the production inputs at the lowest possible cost. In addition, the importance of marketing and increasing exports to foreign markets, diversifying expertise and pumping new blood in the boards of directors of subsidiaries.
The minister stressed that the pharmaceutical companies of the ministry bear great burdens, especially with the low prices of its products compared to other companies in the framework of its social responsibility, directed at the need to exploit the assets of the companies not exploited to maximize the return.