Cairo – Mubasher: The ordinary general meeting (OGM) of Misr Hotels has approved the estimated budget scheme for fiscal year 2019/2020.
The OGM targets achieving a net profit of EGP 223.96 million in FY19/20, compared to the board’s proposal of EGP 152.2 million, the Cairo-based hospitality firm added in a statement to the Egyptian Exchange (EGX).
The general assembly has also endorsed the investment budget scheme at EGP 158.47 million for FY19/20 estimated, the company noted.
Misr Hotels previously posted an EGP 191.67 million in net profit for the first nine months of the current fiscal year, up 18.5% year-on-year from EGP 161.73 million on the back of the occupation of The Nile Ritz-Carlton Hotel.
