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Egypt Post increases wages by EGP 400m in FY 2018/2019 - Daily News Egypt

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Egypt Post increases wages by EGP 400m in FY 2018/2019

Egypt Post expects an increase in profits of EGP 700m this year


Egypt Post’s budget for the fiscal year (FY) 2018/2019 increased to EGP 54.5bn, compared to EGP 51.1bn in the last FY—a growth of EGP 4bn.

According to an official source at Egypt Post, the total expenses of the authority in FY 2018/2019 reached about EGP 26.1bn, compared to EGP 24.2bn during the last FY—an increase of EGP 1.9bn.

The wage item in the new budget rose by about EGP 400m, bringing it up from EGP 2.5bn in the last FY to EGP 2.9bn this year.

According to the source, this FY’s revenues were estimated at EGP 26.8bn, compared to EGP 24.7bn in the last FY—an increase of EGP 1.4bn.

He added that Egypt Post is expected to achieve a net profit of EGP 700m this year against EGP 446m in FY 2017/2018.

Egypt Post’s total investments for this year were estimated at EGP 27.6bn, of which EGP 22.5bn represent capital uses and EGP 25.4bn of capital transfers.

Egypt Post has announced the establishment of a comprehensive electronic system to obtain customer data through automated readers of national ID cards, handprints, and eye prints, and linking them to customers’ financial and service account numbers. This system was presented to President Abdel Fattah Al-Sisi during his visit to Egypt Post’s pavilion at Cairo ICT 2017.

The source pointed out that the authority’s saving customers reached 24,000 at the end of 2017, with estimated savings of about EGP 200bn.

Topics: Egypt Post wages

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https://www.dailynewsegypt.com/2018/07/14/egypt-post-increases-wages-by-egp-400m-in-fy-2018-2019/
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