The Holding Company’s efforts to improve the results of the subsidiaries’ operations with the start of the gradual improvement of the main activity of the companies for the financial year ended in 2018/6/30
First: The noticeable improvement in the results of the operations of the subsidiaries after the companies suffered during the last period of the security and political conditions and the economic and financial changes experienced by the country and its direct impact on the conditions of tourism and high costs of development and modernization and production requirements.
As all companies achieved positive results and improved the results of the Egyptian Company for Sound, Light and Tourism Development, which reduced its losses from (11.4) million pounds in 2017/6/30 to (1.3) million pounds in 2018/6/30 despite relying only on Display sound and light improved in
The area of the pyramid is only slightly improved in the areas of Luxor and Aswan
Second: The Holding Company has completed the existing projects and continues to develop, replace and renew the assets owned by the company to raise its efficiency despite the difficult conditions experienced by the companies, through self or external financing or through partnerships with investors and real estate developers serious from the private sector, Commercial.
Third: To develop a plan for the Egyptian Company for Tourism for electronic marketing and restructuring to maximize the revenues achieved by the company and keep pace with competition with tourism companies and create new tourist destinations.
Fourth: Restructuring of trading companies
Modern fashion company Banzaion has been incorporated into the Hanoo Fashion House Company at book value
And the incorporation of Sidnawy in the sale of manufactures at book value
The decision of the Extraordinary General Assembly of the companies approved in 2018/5/12 on the merger has been approved the formation of a ministerial committee to verify the validity of the evaluation was approved by HE the Minister of Public Business Sector, which resulted in the achievement of profits in 2018/6/30 of the integrated couture company Modern Fashion Company amounted to LE 17.3 million against LE 7.6 million in 2017/6/30, realizing profits of Sidnawy Company and selling of the manufactures (the combined) by LE 3.5 million compared to LE 3.3 million and converting Sidnawy from losses for several years To profits after consolidation. After the merger, the companies started to stabilize all the administrative and financial conditions. The cost of obtaining a large discount for the quantities of goods supplied to the branches was reduced as well as the cost reduction in the use of goods transport.
Fifth: Assist the subsidiaries to overcome all the obstacles they face with all parties and provide all the technical and economic support for the conduct of its ongoing work and maximize the return.
Sixth: Coordination with the Ministry of Public Business Sector to change the allocation of unutilized assets of the subsidiaries to exploit them optimally or to sell them and use the proceeds of sale to inject investments inside the companies to develop their assets or repay their debts with some entities
Seventh: exploitation of assets
Companies enter into partnerships with the private sector in real estate investment projects on unutilized assets or to achieve optimal utilization of assets. The investor shall bear all the investment costs such as participation in the land of Ain Sokhna, Magawish land, garage floor of Nasr City, establishment of alternative garage and construction of a project on the land of Tanta branch. The company’s revenues amounted to LE 70.3 million, in addition to an in-kind share of the same property with a value of LE 44.55 million. The participation in the branch of Banzayon Dairout in Assiut, with revenues of LE 22 million, 24 Lyon pounds, a branch of Simon Arzt in Port revenues of 60 million pounds.