Egyptian Media Production City net profits grow by 66.5% in FY2024 - Markets & Companies
Egyptian Media Production City's (EMPC) financial statements showed that the company's net profits increased by 66.5 percent to EGP 801 million in fiscal year (FY) 2024, compared to EGP 481 million in FY2023.
EMPC's board of directors, chaired by Abdel-Fattah El-Gabaly, approved the consolidated financial statements for the company's activities at the end of FY2024, covering the period from 1 January to 31 December 2024, during its Tuesday meeting.
The earnings per share from net profit amounted to EGP 3.77 compared to EGP 2.27 in 2023.
This improvement is primarily attributed to the expansion of the company's various activities, particularly the increase in revenues from studios, production and artistic services, marketing of artistic productions, entertainment activities, the International Academy for Engineering and Media Sciences, and training.
Meanwhile, gross revenue from various activities rose from EGP 875 million to EGP 1.1 billion during the same period.
This also includes the increase in net profits from investments in subsidiary companies like the Arab Hotel Company, whose net profits rose from EGP 145 million in 2023 to EGP 270 million in 2024.
Additionally, profits from the Media Services Centre increased from EGP 40 million in 2023 to EGP 61 million in 2024.
Similarly, the Centre for the Restoration of Audiovisual Heritage expanded into Arab and Egyptian markets and successfully restored numerous feature and documentary films, generating significant returns that contributed to the city's profit increase.
The company also witnessed an expansion in foreign filming services "both within the city and outside," as EMPC's Egypt Film Committee supervised the implementation of numerous projects for various nationalities (American, Indian, Norwegian, French, German, and Swiss) at many tourist and archaeological sites in Egypt.
These factors positively contributed to increasing the company's revenues and maximizing its resources.
EMPC is an Egyptian joint-stock company operating under the system of public free zones. Its contributions come from the National Media Authority, the National Investment Bank, the National Bank of Egypt, and the Egyptian Company for Investment Projects and Public Subscription.
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