Arab Finance: Misr Duty Free Shops (MFSC) head of financial accounting and Investor Relations manager Hamed Abdul Wahab Hamed said the company targets sales worth LE300 million by the end of fiscal year 2014/2015, up 20% from LE251 million during 2013/2014.

The head of investors’ relations said the company will open a new branch in Sharm AlShikh, the third in the city, adding that a committee was formed to receive the leased branch by the end of the month, after finishing the preparations with a LE1.1 million cost, obtaining a license to operate. 

Misr Duty Free Shops will begin selling through it by early next months, he added, expecting an increase in revenue by 5% to LE15 million.

Abdul Wahab said the inauguration of Port Said last October will positively impact the financial results of the second half, but the profit margin will be less compared to other branches, because it will include customs-paid electronic devices from the Egyptian distributer, and will be sold by Egyptian pound without presenting a passport which will have lesser profit. 

Source: AlBorsa newspaper & Arab Finance Editor

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