Summit Technology misses revenue targets for 2007

08 April 2008
Summit Technology, the parent company for five Egyptian IT businesses, narrowly missed its revenue targets for 2007, according to chief executive officer Magda el-Sabee.

The company generated revenues of £E356m ($65m) in 2007, up 15 per cent on 2006. However, in November, El-Sabee said that the business would produce revenues between £E360m and £E400m in 2007, roughly 20 per cent up on 2006 (MEED 09:11:07).

Summit’s net profits grew 17 per cent in 2007, but the company declined to say how much it generated.

“The growth rate in our profits relative to our revenue growth indicates that we are focusing on improving the quality of our business,” said El-Sabee.

Summit’s largest IT business is Orascom Technology Solutions, which makes software for Egypt’s fast-growing call centre industry.

The other four are Qeemah, Opensoft, Orascom Technology Training and International Integrated Solutions.

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