Written by: Ahmed Allam
Cairo - Mubasher: Sharm Dreams Company intends to pump investments up to EGP 250 million in new activities within 3 years, said Hamada Abu El Enein, Chairman and Managing Director.
"The company's revenues are expected to increase by EGP 150 million through five years, supported by the new activities in addition to the recovery of the company's main activity," added Chairman.
Meanwhile, the company's revenues are likely to gain support from the rebound of the hospitality sector, in addition to the proceeds from selling Holidays club that will amount to nearly EGP 25 million, He said.
Sharm Dreams' top line is likely to rise by EGP 45 million to EGP 50 million in 2016, pointed out Abu El Enein.
The firm eyes earnings of EGP 20 million to EGP 25 million from investments in subsidiaries and sister companies, noted company's chief.
Sharm Dreams has backlog of unexploited properties, in Sharm el-Sheikh, worth of EGP 250 million, stated Abu El Enein.
The company's cost of debt will decline by nearly 50%, at least, in 2016 compared with the previous years on the restructure of the firm's loan composition, through converting part of the local liquidity to foreign currency and capitalizing from lower interest rates, said Chairman.
Sharm Dreams aims to establish new company abroad in partnership with foreign partners, he said. Sharm Dreams will hold the majority the stake in the new company that is expected to be launched in 2017, clarified Abu El Enein.
The tourism investment firm plans to inject EGP 55 million in investments for developing hotels through 2016, said Chairman.
The Egyptian -listed firm is unlikely to witness remarkable recovery in its net profits for the fourth quarter of 2015, due the repercussions from the recent crash of an Airbus 321 operated by Russian airline Metro jet, killing 224 people.
Sharm Dreams turned to losses in the first nine months of 2015, as it reported losses of EGP 3.6 million against profits of EGP 5.3 million for the similar period a year earlier.
Translated by: Shaimaa EL Sarky
