Egypt Post committee formed for real estate investment: Chairman

Daily News Egypt
2 Min Read

By Mohamed Alaa Eldin

A committee of Egypt Post officials has been formed to study ideal ways of profiting from the company’s real estate assets, according to company chairman Khaled Negm. The committee is currently studying a number of solutions that would maximise Egypt Post’s income and determine the best options to invest in these assets.

According to Negm’s statement to Daily News Egypt, the authority will depend on a number of options in profiting from its real estate assets. This most prominently includes renting or selling some buildings and studying their use in advertisement, in addition to establishing projects on others. Egypt Post also plans to use the roofs of some of its affiliated buildings to generate solar energy, with 15 buildings principally chosen to implement this project.

On the other hand, the Board of Directors has decided to activate the plan of granting commissions to desk clerks, who exceed 20,000 employees. The percentages of commissions will be determined according to the employee’s service to customers as well as its profit margin. The greater the numbers and quality of services the employee offers to customers, the greater the commission they will receive.

According to Negm, this decision would help in improving the quality of the services the post offers to its customers, as well as improving staff efficiency. The Board of Directors is currently working on confirming the percentages of commissions for each service the post offers.

It is worth mentioning that the total budget of the authority for the current fiscal year (FY) 2014/2015 is EGP 29.7bn. The costs and expenses of the new fiscal year were estimated at EGP 15.5bn, of which EGP 2.2bn are for salaries. The other expenses amounted to EGP 13.4bn, while the revenues of the same FY were estimated at EGP 15.6bn.


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