By Akram Medhat
Safwat Moslem, chairman of EgyptAir Holding Company, revealed that the first quarter of the current fiscal year 2017/2018 achieved EGP 1.3 billion in profits, more than double the profits in the same period of the previous fiscal year.
Moslem added in press statements today that EgyptAir aims to invest about EGP 2 billion in development projects across the various sectors represented by the holding company's nine subsidiaries.
It is worth noting that EgyptAir faced major challenges during the past fiscal year 2016/2017, namely the flotation of the pound through the liberalization of its exchange rate against foreign currencies, led by the dollar, at the beginning of last November, in addition to the delayed launch of the Umrah season, which was limited to only 3 months and represents a huge share of the company's operations, bringing losses to EGP 4 billion: EGP 1 billion due to Umrah and EGP 3 billion due to the flotation of the pound.
EgyptAir Airlines is preparing over the next two months to receive the ninth and final new Boeing B737-800NG aircraft, as part of the largest deal it has concluded with US company Boeing to buy 9 aircraft, received during the current year 2017, within the plan to renew the company's fleet, which currently includes 68 aircraft, 28 of them new Boeing 737-800s.
