ArabFinance: Misr Hotels Company (MHOT) is targeting a net profit after tax of EGP 23.518 million during the fiscal year (FY) 2022/2023, according to the company’s estimated budget filed to the Egyptian Exchange (EGX) on Thursday.

The company seeks to achieve an operating income of EGP 43.652 million in FY 2022/2023.

Misr Hotels is mulling over investing EGP 1.788 billion the next FY including acquisitions and rehabilitations of existing properties.

It is worth noting that the company achieved a net profit before tax of EGP 151.13 million in the July-December period of FY 2021/2022, versus a net loss of EGP 106.46 million in the year-ago period.

Misr Hotels, a subsidiary of Holding Company for Tourism and Hotels, is an Egypt-based joint stock company engaged in tourism investment activities.