Daily News Egypt

EGOTH hotels occupancy in Luxor and Aswan grows - Daily News Egypt

Advertising Area

Advertising Area

EGOTH hotels occupancy in Luxor and Aswan grows

Company plans to boost investments in the coming FY to EGP 450m, up from EGP 404m this year

The marketing efforts carried out by the Egyptian General Company For Tourism & Hotels (EGOTH) contributed to raising its hotels’ average occupancy in Luxor and Aswan to 60% in December 2016, as well as in January and February 2017, according to company chairperson Samir Hassan.

Hassan told Daily News Egypt that the company aims to boost its investments in the coming fiscal year (FY) to EGP 450m, up from EGP 404m.

He explained that the financing of the investment plan for the next FY will be undertaken with the participation of the private sector, aiming at the development of some of the most historic hotels in Cairo and other provinces.

Hassan said he expected improvement in the company’s average hotel occupancy in Luxor and Aswan during the current FY, estimating the increase to be 10% upwards, eventually settling at 35%, an increase of 20% from the last FY.

Despite the improvement in expected revenues in the current FY, he said that the cost of operation due to the hike in the dollar value and the increase in food commodities prices limits the growth in revenues and increases the cost of the development and renovations that EGOTH is now undertaking.

He added that the company is taking part in all international exhibitions that the Ministry of Tourism participates in, especially major ones in Germany and Great Britain.

He predicted an increase in profits by 20% at the end of the current FY, compared to the one before.

EGOTH realised EGP 184m in profits in the last FY, up by 39% from the previous year.

Advertising Area

Breaking News

No current breaking news

Receive our daily newsletter