Cairo – Mubasher: Egypt’s Holding Company for Tourism and Hotels reported a 49% year-on-year (YoY) plunge in its consolidated net profits, logging EGP 501 million during fiscal year 2019/2020.
The consolidated financial statements of the state-run holding company and its subsidiaries showed a 28% YoY drop in its revenues to EGP 2.8 billion, the Chairman Mervat Hataba said in a statement on Thursday.
The decline in net profits was ascribed to the negative impact of the coronavirus (COVID-19) pandemic on the tourism, aviation, and commerce sectors.
The holding company and its subsidiaries invested about EGP 363 million in renovating several hotels, developing Alexandria’s Mamourah Beach, and executing the digital transformation project.
The Ministry of Finance’s share in the profits reached EGP 71.8 million during the year ended on 30 June 2020.
