Arab Finance: Pyramisa Hotels and Resorts (PHTV) posted a 43% year-on-year (YoY) drop in consolidated net profits attributable to the parent company during the first quarter (Q1) of 2024 to EGP 29.498 million from EGP 51.778 million, according to a filing.

Operating revenue surged to EGP 266.375 million in the January-March period of 2024 from EGP 218.711 million in the year-ago period.

Furthermore, standalone net profits after tax declined to EGP 4.9 million in Q1 2024, versus EGP 64.43 million in Q1 2023.

Meanwhile, standalone revenues went down to EGP 143.348 million from EGP 156.91 million.

Pyramisa Hotels is engaged in tourism and hotel development and investment. The company, along with its subsidiaries, is primarily involved in the ownership, establishment, sale, rent, and management of hotels, in addition to providing travel, entertainment, therapeutic, and sports facilities.

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