Financial Statements

General Assembly of the Holding Company for Tourism and Hotels

First : the results of the Holding Company for Tourism and hotel business for the fiscal year 2016/2017 

The total revenues of the holding company for the fiscal year 2017/2016 amounted to 242.3 million pounds compared to 252.8 million pounds for the previous fiscal year 2016/2015 with a decrease of 10.5 million pounds, a decrease of 4%. The limited decrease in revenues is due to the comparative financial year due to the delivery of the part The largest of the administrative building and the completion of the construction of the Steigenberger Hotel in the first half of the fiscal year 2017/2016 and its inception as of January 2017
The Holding Company for Tourism and Hotels for the fiscal year 2017/2016 achieved a net profit of LE 163 million compared to a net profit of LE 84.3 million for the previous fiscal year 2016/2015, an increase of 78.8 million pounds, an increase of 93.4% due to the increase of the company’s share of distributions from its companies During the fiscal year 2017/2016 and the completion of all the administrative building and the hotel in Tahrir Square

Second: The results of the subsidiary companies for the fiscal year 2016 /201 7

Revenues from subsidiaries 

The activity of the subsidiaries according to their approved financial statements for the fiscal year 2017/2016 resulted in achieving current revenue of LE 2.019 billion compared to LE 1.3 billion for the previous year 2016/2015, an increase of 659 million pounds, an increase of 48% while the total revenues for the fiscal year amounted to 2.539 billion EGP against EGP 1,822 billion, an increase of EGP 717 million, an increase of 39% over the year 2016/2015
The increase in activity revenues is due to the gradual improvement in incoming tourism as well as the increase in revenues resulting from participation with real estate developers and the private sector in the field of tourism and internal trade. This is the strategy adopted by the Holding Company to diversify the portfolio,

 

The results of the work of the companies to achieve a net profit for the fiscal year 2016/2015 totaled 278 million pounds compared to a net profit of 59 million pounds in the previous fiscal year 2015/2014, up 219 million pounds, an increase of 371%, despite the decline of tourism for the reasons mentioned above.

 
Cost of affiliate activity
The cost of the activity for the fiscal year 2017/2016 amounted to 1.008 billion pounds compared to 893 million pounds for the previous fiscal year 2016/2015, an increase of 115 million pounds, an increase of 13%, mainly due to inevitable increases in wages where the average annual wage of the worker during the fiscal year 2017 / 2016 amount of 50960 pounds compared to 48437 pounds last year, an increase of 2523 pounds increased by 5.2%
 
Net profit
The results of the subsidiaries’ operations resulted in a net profit for the fiscal year 2017/2016 of LE 530 million compared to a net profit of LE 278 million for the previous fiscal year 2016/2015, an increase of 252 million pounds, an increase of 91%

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