Minister of the Public Business Sector Ashraf el-Sharqawi - File Photo Minister of the Public Business Sector Ashraf el-Sharqawi - File Photo

HOTAC posts LE 509.6M, Banazioun gains LE 50M profits in FY16/17

Mon, Sep. 25, 2017
CAIRO – 25 September 2017: Holding Company for Tourism and Hotels’ (HOTAC) subsidiaries achieved LE 509.62 million profits in the fiscal year of 2016/2017, hiking 83 percent compared to the FY 2015/2016.

The companies’ revenues grew 39 percent to exceed LE 2 billion in FY 2016/2017.

Seven out of nine firms affiliated to HOTAC saw an enhancement in their results, four achieved a rise in their profitability and two narrowed their losses.

Banzaioun – the New Fashion Co. gained LE 1.5 million ($84,890) profits and overcame its annual profits of LE 8.5 million recorded in the fiscal year of 2015/2016.

The company will

pump LE 50 million

($3 million) as new investments during the first half of the fiscal year 2017/18 with the partnership of the private sector to develop a number of commercial branches.

HOTAC and Banzaioun are affiliated to the Ministry of Public Business Sector.

The

Business sector revenues

reached LE 80 billion after the latest economic reform measures taken recently, according to Minister of the Public Business Sector Ashraf el-Sharqawi.
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