Egypt’s gov’t grocery chains report first profits since 1968

July 15, 2014 1:22 am

Egypt’s supply minister, Khaled Hanafi has said three state-owned grocery chains have generated profits in June for the first time since their establishment in 1968, Ahram has reported. Al-Ahram, Nile and Alexandria consumer complexes witnessed net profits worth EGP1.8m in June after a whopping increase in sales. The three chains generated EGP131.2m in sales in June, compared with EGP80.7m in the same month of last year. The rise in sales was due to the 30% discount in the commodity prices offered at the public groceries, compared to the prices in the private supermarkets, Hanafi said.