Last Update 0:15
Wednesday, 23 October 2019

HOTAC targets EGP 1.2bln gross profits for FY 2019/20

Doaa A.Moneim , Thursday 11 Jul 2019
Egypt's Minister of Public Business sector Hisham Tawfik
Views: 987
Views: 987

The regular general assembly of the Holding Company for Tourism, Hotels and Cinema (HOTAC) has approved its pooled budget for fiscal year 2019/20.

The budget includes gross revenue of EGP 4.7 billion with a gross rate of 32.6 compared to the achieved rate in FY 2017/18, and targeted gross profits of EGP1.2 billion with a growth rate of 45.5 percent compared to the achieved rate in FY2016/18.

In a statement issued on Wednesday, the Ministry of Public Business Sector revealed that HOTAC is targeting EGP 533.2 million in gross revenue with an increase rate of 128.5 percent compared to the achieved rate in FY 2017/18, aiming to reach EGP 288.6 million in gross profits with a growth rate of 85.2 percent.

Furthermore, HOTAC aims to generate activities with an estimated outcome of EGP 3.3 billion with a growth rate of 27.8 percent compared to what had been achieved in FY 2017/18, and to record EGP 943.3 million with an increase rate of 36.6 percent compared to the achieved one in FY 2017/18, in addition to implementing new investments estimated at EGP 783.6 million with a growth rate of 257 percent.

During the regular general assembly of HOTAC, Mervat Hataba, HOTAC chairwoman, reviewed the forecast of the activities of HOTAC and its subsidiaries in FY 2019/20, which include maximising the role of tourism, increasing the sector's competitiveness, making the ultimate use of venture opportunities through collaborating with the private sector, asset improvement, increasing revenues and diversifying income sources.

“We are also looking to have a presence in the promising touristic zones such as Marsa Alam city through establishing new touristic projects there, as well as launching a platform on the internet for tourism destinations in Egypt to nourish one-day tours,” Hataba cleared.

She also highlighted the previous successful models of cooperation with the private sector including the contracts which have been signed to establish and manage the Grand Egyptian Museum's parking garage at an estimated cost of EGP 60 million; a partnership contract which is under consideration to establish a five-star hotel in Luxor; and partnership contracts to enhance and modernise 201 branches of intra-trade companies with revenues estimated at EGP 175.8 million.

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