Public Sector Grocery Stores In Egypt Have First Profits In Decades

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Written by Ann Brown

From Ahram Online

Egypt’s three state-owned grocery chains generated profits in June for the first time since their establishment in 1968, reported Al-Ahram news website on Friday.

Al-Ahram, Nile and Alexandria consumer complexes witnessed net profits worth LE1.8 million in June after a whopping increase in sales. The three chains generated LE131.2 million in sales in June compared to LE80.7 million in the same month of last year.

Egypt’s supply minister, Khaled Hanafi, stated that the rise in sales was due to the 30 percent discount in the commodity prices offered at the public groceries compared to the prices in the private supermarkets.

 

Read more at Ahram Online