Startup & Establish Technical Capabilities:
In this phase, the focus was to establish the facilities and deliver on the technical capabilities (proof of concept) and achieving growth in the Egyptian market.
VIFZ started the operation in the market as a trading company (1999 - 2001). This has grown in business for three years before the board decided to add stevedoring services for 3rd parties.
The stevedoring service (for 3rd party) was added (2002 - 2006) and VFZ was positioned in the market as a Trading & Stevedoring company from 2002 onwards.
VFZ has done stevedoring for third party with total volume of 1.3 MT, This was the first real test for the capabilities of VFZ to manage such business. This was performed before VFZ served GASC (General Authority For Supply Commodities) as a client. This statement of capability of VFZ lead to a strong market reputation and the acquiring of GASC as a client (next period).
The new Berth was completed in 2010 and ready to be fully utilized with the growing volumes currently in the market and expected to increase in the upcoming years.
Growing Venus Network & Capabilities:
Russian wheat entered the Egyptian market whereby Venus has played a key role in coordinating between the two counterparts in 2005 at the same time Venus started of phase 2 to increase Venus storage capacity and traded volume.
Kazakh wheat entered Egypt, venus coordinated the process of importing 2 m tons, along with building silos for Kazakhstan in Alexandria.
Expanding Regionally
Due to the Egyptian revolution, ultimate changes occurred in Egyptian markets and the company was flexible and agile enough to survive and continue during this hard and tough period.
When VIFZ started in 1999, it was only a trading company (stevedoring was done only for Venus during this period), and it later grew to become a Trading & 3rd party stevedoring company (market position) starting from 2002. In 2011 the company made a decision to start to implement the position to be a trading (and stevedoring for VIFZ only) company. Today (starting from 2019), VIFZ is repositioning itself in the market as a 3rd party stevedoring service provider
The Group established CAFI - Commodity and Freight Integrators - DMCC, and was activated in 2017 with a mirroring shareholding structure, and with a full separation of the trading activities from the stevedoring activities, to serve the MEA region with its strategic location (in Dubai UAE) to fuel its future growth plans. This was a part of preparations for the future plan to manage the risk effectively and efficiently.
VFZ focused internally (2017 - 2019) on revising the business model and making decisions to support the recovery journey. A key highlight of this period was the board decision to spin off the trade business from the logistics, hence move the trade business to an off shore company CAFI. The decision was to move CAFI to UAE (Dubai) for the efficiency of managing this part of the business
The effort of the management of the group was directed to focus on stabilizing CAFI giving the strategic priority to stabilize the trade business after the spin off. What allowed the company to do this was the cost effectiveness which is one of our core competitive advantages in operating the asset (we build for less; we operate for less).
Transformational Growth:
In 2020, VIFZ conducted a strategy audit to set the foundation for the transformation growth phase (more on this phase in its respected section). The main strategy in implementation today is the repositioning of VFZ as a 3rd party stevedoring and marine services provider.
VIFZ is an ongoing effort for its compliance on ESG (Environmental, Social and Governance) criteria, and applying these non-financial factors as part of the company analysis process to identify material risks and growth opportunities. The company has launched three initiatives (to address each of the ESG criteria) as follows:
Environmental: The initiative of improving how the company performs as a steward of nature. Under this initiative VIFZ management has conducted an Environmental Assessment Audit with the "Center for Energy, and Environment Studies" in alignment with TUV HELLAS - TUV NORD GROUP in June 2021. The major recommendations of the audit report is that VIFZ is in compliance and renewed till 2023, with minor comments for improvements. This last audit was performed in accordance to ISO 9001:2015, ISO 14001:2015 and ISO 45001:2018. The additional requirements (e. g.: context of an organization, understanding the needs and expectations of workers and other interested parties, environmental aspects, product life cycle and assessment of risks and opportunities, actions to address risks and opportunities, management of change, contractors, outsourcing) were assessed in this audit. In conclusion of the audit report stated that; Taking into account the size and structure of the organization, the products/services supplied and the process used, the organization has basically demonstrated that it operates its management system effectively in order to ensure fulfillment of the corresponding standard(s) requirements, its own requirements, the requirements of its customers and the relevant legal requirements.
Social: The initiative of human capital development to enhance the relationships with stakeholders (including employees).
Governance: The initiative of corporate governance & family governance implementation framework include the board of directors.