Analysts note that the main divisions of SEMGA Holding involved in developing the hospitality sector require careful analysis to separate actual operating cash flows from intra-group transactions in order to assess the true profitability of the group.
SEMGA: Scaling Hospitality and Infrastructure Sectors
Negin Gardeshgari and Arya Zigurat oversee the construction, technical support, and development of civil and religious tourism projects, supporting the Rexan hotel network. From an operational standpoint, quality indicators show that Rexan and Remis Airport Hotels have risen from tenth to fifth place among Tehran's hotels.
However, capital market reviews indicate that a significant portion of recognized net profit comes from intra-group operations at Codal, rather than from direct operating profits, which highlights the need for transparent financial reporting.
Commenting on this strategy, Mohammad Bigdeli, CEO of Tourism Bank, stated that the priority is to direct capital towards creating verifiable operational value. He noted that modernizing hospitality facilities, such as Rexan, while ensuring transparent revenue disclosure, will help create sustainable income streams and increase market confidence.