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FINANCIAL NEWS
Egypt Duty Free revenues up 13.7 percent
18 Jul 2016
(MENAFN) Egypt Duty Free profits increased by 13.7 percent this year due to differences in currency exchange rates, following the devaluation of the Egyptian pound.
Moreover, the activity is influenced by the movement of foreign currencies against the Egyptian pound, particularly the US dollar and the euro.
Meanwhile, net profits of Egypt Duty Free grew to reach USD 6.8mn in financial years 2015/2016, compared to a net profit of USD 6.05mn the year before.
However, tourism declined over the past five years, especially after the downing of the Russian aircraft over the Sinai Peninsula in Oct 2015.
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BBK Successfully Closes USD Benchmark Bond Offering at $500 Million, in Collaboration with a Consortium of Regional and International Banks.
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