Egypt's Holding Co. for Tourism, Hotels’ net profits decline 49% to $32mln in FY 2019/20

Net profits declined by 49%

  
A trader works at the Egyptian stock exchange in Cairo, Egypt.

A trader works at the Egyptian stock exchange in Cairo, Egypt.

REUTERS/Mohamed Abd El Ghany

Mervat Hatabah, Chairperson of the Holding Company for Tourism and Hotels (HOTAC), has announced the total the combined revenues of the Holding Company and its subsidiaries decreased by 28% to about EGP 2.8bn in fiscal year (FY) 2019/20.

The General Assembly of the HOTAC, chaired by Hesham Tawfek, Minister of Public Enterprises Sector, approved, on Thursday, the financial results of the Holding Company and its subsidiaries for FY 2019/20.

Moreover, the net profits declined by 49% to EGP 501m, affected by the repercussions of the novel coronavirus (COVID-19) pandemic on tourism, aviation, and trade activities.

The General Assembly approved an amount of EGP 71.8m representing the state’s share of profits.

The investment projects implemented by the HOTAC’s subsidiary companies in FY 2019/20 were estimated at about EGP 363m, including renovation of historical and contemporary hotels such as Mena House Palace, Cairo Marriott Hotel, Cecil Hotel in Alexandria, Swiss Inn Al-Arish Hotel, Continental Hotel, Safir Hotel, Dahab, Romance and Port Said hotels, and Mamoura Beach, and the Enterprise resource planning (ERP) transformation project.

The efforts to restructure Misr Tourism Company financially, technically and administratively, with the help of a specialised consultancy office, were also reviewed. The HOTAC also works on launching a platform for tourist destinations, including cultural, archaeological, entertainment, and other tourism activities, which allows electronic reservation for one-day trips in Egypt.

© 2021 Daily News Egypt. Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.

More From Equities