Cairo – Mubasher: The shareholders of the Holding Company for Tourism, Hotels, and Cinema, affiliated to the Ministry of Public Business Sector, approved the estimated budget for the company and its subsidiaries for fiscal year 2020/2021.
The budget has been prepared in light of the impact of the coronavirus pandemic on tourism and aviation sectors, according to a statement on Sunday.
Revenues are expected to reach EGP 2.7 billion and net profits are seen at EGP 365.3 million in the estimated consolidated financial statements of the company and its subsidiaries for the current fiscal year.
In addition, the company is forecast to generate EGP 202.6 million in revenue and EGP 111.6 million in net profits in its standalone financial statements for FY20/21.
As for target investments, the subsidiary companies aim to implement EGP 859.6 million worth of investments in the current fiscal year.
The company also plans to develop its assets, including Mena House Hotel, Sofitel Winter Palace Luxor, Downtown Cairo's Grand Continental Hotel, and the Pyramids Plateau.
