Cairo – Mubasher: The board of directors of Misr Hotels approved the planned budget for fiscal year (FY) 2021/2022.
The company aims to achieve EGP 23.5 million in net profits in the coming fiscal year, compared to projected losses of EGP 188.25 million in FY20/21, according to a bourse disclosure on Monday.
Moreover, revenues are seen at EGP 237 million in FY21/22, compared to expected revenues of EGP 43.63 million in FY20/21.
The company has allocated EGP 70.14 million for investments in the coming fiscal year for resuming the development of the Nile Ritz-Carlton and Safir Dahab Hotel.
During the first nine months of FY20/21, Misr Hotels turned to net losses before taxes of EGP 143.14 million, versus net profits of EGP 142.97 million in the corresponding period a year earlier.
