Cairo – Mubasher: Misr Hotels has paid off a total of EGP 383.18 million in instalments as part of a credit facility by the National Bank of Egypt (NBE). The repayment has been made since the board’s decision on 24 January 2017 until June 2022.
The listed firm repaired the 26th expedited payment of EGP 6.84 million as disclosed in a bourse filing on 20 June 2022.
Last April, Misr Hotels closed the 24th expedited payment of the loan at EGP 10 million.
Estimated profits for FY22/23
Meanwhile, Misr Hotels plans to achieve EGP 291.16 million in net profit during fiscal year (FY) 2022/2023 and invest about EGP 196.40 million.
The ordinary general meeting (OGM) of the company approved to use an amount of EGP 44.92 million from the reserves account to cover part of its retained losses and support the financing structure.
Furthermore, Misr Hotels intends to partner with Mohandes Insurance Company to cover its assets and properties for one year.