Cairo – Mubasher: Egyptian Transport and Commercial Services Co (Egytrans) on Sunday said its board approved the budget for 2018, forecasting a targeted net profit of EGP 33.5 million.

Egytrans’ board also projected that the company will conduct business activities valued at around EGP 185.2 million, according to a filing to the Egyptian Exchange (EGX).

The transport company further approved amendments to Egytrans’ EGP 1.1 million contract with Etal for Electrical and Mechanical Industries in return for storage rights at Egytrans’ private garage.

Furthermore, Egytrans approved the purchase of three trucks for EGP 1.38 million to continue the land-transport project, the statement showed.

Egytrans last reported soaring profits by 4,811% to EGP 20 million in the third quarter of 2017 from EGP 408,700 in the year-ago period.

As for the first nine months of 2017, Egytrans’ consolidated profits stood at EGP 81.67 million, a rise from EGP 21.6 million in the corresponding period of 2016.