The Egyptian Travel Agents Association’s (ETAA) initial public offering (IPO) return reached EGP 6.3m in the New Suez Canal certificates by the end of fiscal year (FY) 2015/2016 due to purchase of certificates worth EGP 70m for financing drilling in the canal.
An official at the ETAA said that the return of Suez Canal revenues during the last FY witnessed growth in deposits accounts, investment funds, and the takaful programme.
According to the official, the return on assets, investment funds, and the takaful programme rose to EGP 21.6m during the last FY, compared to EGP 13.5m during the previous FY, at a growth ratio of 60%.
“Making the IPO in the Suez Canal certificates was a good a step, in order to take advantage of the association’s money, as well as participating in the national economy and its development,” the official said.
The association’s tourism fund’s return declined during the previous FY, estimated at EGP 32.1m. The return’s value declined due to spending money on incentives and other benefits. He called on chamber members to discuss how to utilise these funds.
The official said that investing the association’s money in projects will increase revenues for the benefit of its members in light of the sector’s losses over the past six years.
The number of tourists coming to Egypt in 2016 declined to 5.3 million tourists compared to 9.3 million tourists in 2015.
He pointed out that the association always supports its members through the decline of revenues, despite the current crisis.