Remco’s Project To Achieve EGP 150 mln Incomes

Remco for Touristic Villages Constructions (RTVC.CA) aims at achieving incomes from Stella La Baron, estimated by EGP 150 million in 2012.

Oncy Youssef, investors’ relation manager, said the project is on an area of 2.300 meters in Korba, Heliopolis. The project consists of 49 housing units plus 8 commercial units.

The project’s investing costs are EGP 120 million, and the company’s net profits from the project will reach EGP 30 million.

As per Makadi hotel in Hurghada, the manager explained that the company targets EGP 30 million incomes from the second phase. The hotel has 750 rooms with investing costs EGP 300 million and it was inaugurated last year.

On the other context, Eng. Ayoub Adly Ayoub, board’s chairman, said the occupancy rates in the company’s hotels witnessed noticeable retreat due to the revolution of Jan 25, as the touristic and real estate sectors lost a lot. The occupancy rates reached 50% of their total capacity. So the company opted to decrease the reservations’ costs in 2011 with 30%, in order to increase the occupancy rates of exterior tourism.

Ayoub added that the occupancy rates gradually started to recover to reach 90% in April, 2012. He expected more improvements for the sector through the expected stability on the political level and its reflection on the economic system.