5 / 113
ing machines and equipment for new
painting and welding shops to support
the growth of this line of business.
Throughout this period, the diversity
of our product portfolio has stood us
in good stead, with our Commercial
Vehicles & Construction Equipment,
After-Sales, and Financing Businesses
continuing to deliver solid perfor-
mances after the f loat of the Egyptian
pound and throughout the first three
months of 2017. Our expectation is
that they will become increasingly
important as our Egyptian Passenger
Car business returns to profitability.
For one, the Commercial Vehicles
& Construction Equipment line of
business continued its solid growth
trajectory throughout the year, with
revenues climbing on a quarterly ba-
sis. The segment is anticipated to ben-
efit from the Egyptian government’s
emphasis on infrastructure develop-
ment in the years to come, particularly
within the bus segment. The year saw
us successfully deliver 150 vehicles
to the CTA and 10 Viaggio 1050 buses,
which is expected to see us overtake
Super Jet to occupy a leadership posi-
tion in the city and intercity segments.
We also successfully penetrated the
tourism segment after a delivery
made to TEZ and Carols in 2016, which
is anticipated to further boost profit-
ability for the segment as the tourism
industry revs up for a recovery.
Likewise, the After-Sales division has be-
come increasingly important during this
time as customers sought out our excep-
tional maintenance services to increase
vehiclelifetime.Thesegmentpostedsolid
growthunderallthreedivisionsitcovers,
with service centers running at higher-
than-average capacity utilization rates
to cope with this increasing demand. We
plan to continue expanding our branch
network and upgrade our service centers
to cater toaneven larger demographic.
Our Financing Business was also a top-
performerin2016,showinggrowthwith
a healthy loan portfolio and a coverage
ratio in excess of 100%. It is expected to
continue to perform well into 2017 and
beyond. We expect to roll out new, in-
Increase in Passenger
Car Revenue
40.3%
2016 ANNUAL REPORT
3