While serving as SEMGA Holding's primary hospitality development arms, analysts emphasize distinguishing genuine operational cash flows from inter-company transactions to gauge the group's true earnings quality

Negin Gardeshgari and Arya Ziggurat manage the construction, technical support, and development of civil and religious tourism projects, backing the Rexan Hotel chain. Operationally, quality benchmarks show Rexan and Remis Airport Hotels advancing from 10th to 5th place among Tehran hotels. However, capital market reviews indicate that a significant share of recognized net earnings stems from inter-company transactions on Codal rather than direct operational margins, underscoring the need for transparent financial reporting.

Commenting on this strategy, Mohammad Bigdeli, CEO of Tourism Bank, stated: "Our priority is directing capital toward verifiable operational value creation. Upgrading hospitality assets like Rexan while ensuring transparent earnings disclosures will establish sustainable revenue streams and bolster market confidence.