Metwally: EGP 110 Million Net Profit by End of May 2017, 300% Above Target
By Akram Medhat
Minister of Civil Aviation Sherif Fathy today opened the new branch of EgyptAir Duty Free in the international arrivals hall of the new Terminal 2 at Cairo International Airport.
In this context, Safwat Moslem, chairman of EgyptAir Holding Company, said the duty free company seeks to expand and maintain a permanent presence in the departure and arrival halls of Egyptian airports, especially tourist airports, to meet its customers' wishes, as it provides them with a wide range of international products at competitive prices, in addition to the promotional offers it constantly provides to customers.
He said the new branch was built on an area of 500 square meters, and its display units were manufactured by EgyptAir Supplementary Industries, in coordination with the projects sector of EgyptAir Holding Company as the project's engineering consultant. He noted that work is currently under way on the final stages of the new branch in the departures hall of the same building, covering about 450 square meters, which is being equipped to the highest quality standards.
He explained that EgyptAir Duty Free branches now cover Terminals 1, 2 and 3 at Cairo International Airport, as well as Hurghada, Sharm El-Sheikh, Marsa Alam, Luxor, Aswan, Sohag, Alexandria's Borg El Arab and Nozha, El Gouna and Taba airports, in addition to branches at City Stars Mall, the Savoy Hotel in Sharm El-Sheikh and the Hilton Taba hotel.
For his part, Reda Metwally, chairman of EgyptAir Duty Free, revealed that a net profit of EGP 110 million was achieved by the end of May 2017, about 300% above target.
Metwally added that the 2017/2018 fiscal year budget targets a surplus of up to EGP 200 million, and that EgyptAir Duty Free branches are scheduled to open at the New Administrative Capital airport and Sphinx airport once they begin operating.
On the future plans for the company's duty free sector, Metwally pointed out that a plan to develop the duty free warehouses is being implemented. The sub-warehouse has actually been handed over after its development, becoming fully refrigerated to store products, in addition to the development of the Kasfareet warehouse, the Sharm El-Sheikh warehouse and the bonded warehouse in Alexandria, as well as steps to purchase refrigerated trucks to transport food between the warehouses and the sales outlets. Procedures have also begun to upgrade the company's IT system by adopting the latest systems used in the duty free business worldwide.
