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FINANCIAL NEWS
Egypt-Orascom revenues grow by 73.9pct in Q1
17 May 2017
(MENAFN) Orascom Hotels and Development financial results for the first quarter of the year have shown that the firm’s revenues were able to record an increase of 73.9 percent across all its business segments.
Moreover, the firm’s net profit reached EGP31.8mn, against a net loss of EGP96.7mn in the same period of 2016.
Meanwhile, the tourism sector is starting to jump after the ease of travel bans imposed by most European nations on Sinai Peninsula and Sharm El-Sheikh in the cited period.
In addition, OHD aims to execute a new project with a projected inventory of USD25mn in El Gouna, in Fayoum, new products will be launched with a whole inventory of EGP60.5mn.
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