Cairo – Mubasher: The ordinary general meeting (OGM) of Misr hotels has approved its estimated budget for fiscal year 2017/2018, targeting a net profit of EGP 99.63 million compared to an estimated profit of EGP 99.552 million for the current fiscal year

The OGM also endorsed the investment scheme for FY17/18 with investments worth nearly EGP 113.5 million, the company said in a filing to the Egyptian Exchange (EGX) on Thursday, noting that the figure will be used to develop the Nile Ritz Carlton and Safir Dahab Hotel.

Financial indicators for Misr Hotels previously showed a 6% year-on-year fall in profits for the first half of FY17/18 to EGP 88.6 million, compared to EGP 94.24 million in the July-December period of 2016.