The Media Production City Board of Directors approved the financial statements for the company's activity from 1/1/2023 to 9/30/2023, which showed a tangible improvement in the financial results, most notably an increase in net profit to 364 million pounds. The share of net profit for the same time amounted to 1.64 pounds, compared to 0.75 pounds for the same period last year, a 130% rise from 158 million pounds during the same period last year.
This is primarily due to the expansion of the company's activities and an increase in the revenues of the main activity, which are represented in studios, production and artistic services, and marketing of artistic production, as the total of these revenues increased from 200 million pounds to 250 million pounds during that period, in addition to an increase in revenues from other sources, such as an increase in net profits. Investments in subsidiary enterprises, particularly the Arab Hotel Company, whose net profits climbed from 19 million pounds to 95 million pounds during the same time last year, the International Academy of Engineering and Media Sciences, as well as the Center for the Restoration of Audiovisual Heritage, which opened up to the Arab and Egyptian markets and succeeded in restoring many feature films and documentaries. This comes as a primary result of the expansion of the company’s activities and an increase in the revenues of the main activity, which are represented in studios, production and artistic services, and marketing of artistic production, as the total of these revenues increased during that period from the amount of 200 million pounds to the amount of 250 million pounds, in addition to an increase in revenues from various sources such as an increase in net profits. Investments in subsidiary companies, especially the Arab Hotel Company, whose net profits increased from 19 million pounds to 95 million pounds for the same period compared to the corresponding period of the previous year, and the net profits of the Media Services Center increased from 17 million pounds to 31 million pounds during the same period compared to the previous period. The same from the previous year, the International Academy of Engineering and Media Sciences, as well as the Center for the Restoration of Audiovisual Heritage, which opened up to the Arab and Egyptian markets and succeeded in restoring many feature films and documentaries.
The company also expanded its foreign filming services “inside and outside the city” through the company’s Egyptian Film Committee, which is the committee responsible for providing the necessary licenses and permits to film foreign films in Egypt, where it executed a large number of foreign films that represent the most famous international cinemas, including (American - Indian - Norwegian - French - German - Swiss - Colombian) and various places in Egypt. The “Media Services” Center has also expanded in all the activities and services it provides to international media channels and media operating in Egypt.
It should be noted that the Media Production City is an Egyptian joint stock company operating under the system of public free zones, in which the National Media Authority, the National Investment Bank, the National Bank of Egypt, and the Egyptian Company for Investment Projects and Public IPO contribute.