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Pyramisa Hotels posts 44% lower profit in 2020

Pyramisa Hotels posts 44% lower profit in 2020
Revenues plummeted to EGP 69.36 million last year
Pyramisa
PHTV
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Cairo – Mubasher: Pyramisa Hotels and Resorts reported net profits of EGP 21.06 million in 2020, down by 43.99% year-on-year (YoY) from EGP 37.6 million.

Revenues plummeted to EGP 69.36 million last year, compared to EGP 318.23 million in 2019, the company said in a bourse disclosure on Wednesday.

As for standalone business, the company logged EGP 17.08 million in net profits in 2020, down from EGP 38.96 million in the prior year.

During the first nine months of 2020, Pyramisa Hotels achieved net profits of EGP 6.67 million, down from EGP 61.92 million in the year-ago period.