Cairo – Mubasher: The unaudited financial results of Misr Hotels showed a 51.5% year-on-year (YoY) drop in its net profits, logging EGP 85.45 million in fiscal year 2019/2020, compared to EGP 176.39 million.

The company’s sales declined to EGP 277.69 million in the 12-month period ended on 30 June from EGP 496.5 million a year earlier, according to a bourse disclosure on Thursday.

In addition, the board of directors recommended a cash dividend distribution of EGP 0.40 per share at a total value of EGP 15.84 million for FY19/20.

During the first nine months of FY19/20, the company reported EGP 142.97 million in net profits, down from EGP 191.67 million in the corresponding period a year earlier.