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Egypt expects tourism revenues to hit USD 14 billion by year’s end
The Clap:
More than eight million tourists visited Egypt during the first seven months of 2024, CEO of the Egyptian General Authority for Tourism said in an interview with Al Arabiya.
What’s next:
15 million tourists are expected to visit Egypt before year’s end, compared to the 14.9 million that visited the country by the end of last year. The period from January to mid-August witnessed a growth in visitor’s spending levels ranging between 12 and 14%.
The ministry is now expecting the tourism sector’s revenues to exceed USD 14 billion. By the end of 2024.
Remember:
7.1 million tourists visited Egypt in the first half of 2024, leading the country to see a 5% uptick in tourism revenues to USD 6.6 billion.
This came after Inbound tourism levels rose 27.4% YoY in 2023 despite the tensions that the region witnessed in the last three months of last year on the back of the war on Gaza.
Why this matters:
Tourism contributes up to 15 percent of Egypt’s GDP and is a major source of hard currency. The government — which was expecting the tourism industry to grow by 45% in fiscal year 24-25 – is eying an increase of the sector’s revenues from an average currently estimated at USD 12 billion annually to USD 30 billion yearly over the next three years.
The Clap:
Ajwa for Food Industries Company recorded a whopping 440% YoY rise in standalone net profits during the first half of the year, raking in EGP 28.2 million compared to the EGP 5.22 million it accumulated during the same period last year.
Sales:
The company’s gross income rose 181% YoY to EGP 153.3 million between January and June.
Cost of sales:
Ajwa’s cost of sales rose 277.8% YoY to EGP 107.4 million during the six months ending in June.
Gross profit:
The firm’s gross profit also went up 75.8% YoY to EGP 45.9 million.
Comes after a good Q1:
The company raised its net income 75.3% YoY in the first quarter of 2024 to EGP 78.9 million, and its topline also saw a 1.5% YoY uptick to EGP 99.3 million.
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