HOTAC registers LE 242.3M in revenues, LE 163M in net profits during 2016/17

CAIRO – 6 December 2017: Revenues of Holding Company for Tourism and Hotels and Cinema (HOTAC) recorded LE 242.3 million ($13.6 million) in fiscal year (FY) 2016/17, the company said in a statement on Wednesday.

Net profits of HOTAC registered LE 163 million in FY 2016 /17 comparing to LE 84.3 million during FY 2015/16. It is an increase of 93 percent.

HOTAC is a state-owned company established to take part in the development of the national economy in the fields of tourism, hotels, sound and light and other complementary and related economic activities undertaken by its affiliated companies.

HOTAC affiliate companies’ revenues hit LE 2.5 billion during 2016/17 compared to the LE 1.8 billion during 2015/16, constituting a 39-percent increase.

Net profits of HOTAC affiliates companies reached LE 530.2 million in 2016/17 comparing to LE 278 million during the corresponding period of FY 2015/2016, constituting a 91-percent rise.

HOTAC owns nine affiliated companies, seven of which are wholly owned as follow Egyptian General Company for Tourism & Hotels ”EGOTH”, El-Maamoura Company for Construction & Tourist Development, Misr Company for Sound, Light, Egyptian Products Company, Clothes & Consumer Products Company (Sednaoui), Modern Fashion Company (Benzaion – Adas – Revoli), High Fashion Stores Company (Hanaux – Salon vert – Cicurel – Gatinue – Pontrimoly).

Two companies are owned by 99.85 percent and 50.016 per cent respectively; Misr Travel Company, and Misr Hotels Company.