Cairo – Mubasher: The Holding Company for Tourism and Hotels (HOTAC) has recorded a 16.5% year-on-year growth in consolidated profits during the fiscal year 2018/2019, the company’s chairman Mervat Hataba stated on Wednesday.

The state-owned company’s consolidated profit reached EGP 987 million ($62.22 million) in FY18/19, Hataba revealed.

The top official said that consolidated revenue went up by 26% YoY to EGP 4 billion in FY18/19, adding that standalone profit rose by 23% YoY to EGP 191.7 million.

Moreover, standalone revenue soared 43.2% to EGP 334 million in FY18/19, compared to the year-ago period, Hataba noted.