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Misr Shebin El-Kom edged up textile exports to 60 percent on modernizing equipment

Saturday 08 September 2018 07:33 PM

textile manufacturing
textile manufacturing

By Esam Omera
Misr Shebin El-Kom Spinning & Weaving Company, a subsidiary of Spinning and Weaving Holding Company, is gaining from a renovation plan it is carrying out,  as it   announced a 60 percent increase in exports relative to total output.
" Europe, on top of African and Asian markets,  received  the biggest  share of the company's exports, as production is accelerating gradually in tandem with the revamping plan of which 80 percent has been executed," said chairman Eng. Shawki El-Sayaad.
With  production jumping to 20,000 tonne per day, the company upped exports to USD200,000 per month, he continued.
" MSKSWC is reeling from the more costly inputs and cheaper smuggled products accessing the Egyptian market on the backdrop of price hikes  in fuel and utility," said he, urging authorities to provide  the industry with more subsidies and combat smuggling.  
MSKSWC posted EGP196mln revenues in 2016/2017 as compared with EGP97mln a year earlier.