Orascom Hotels and Development (OHD) on Wednesday said that its sales jumped 87.5% during 2017, backed by El-Gouna sales.
Egypt-based firm posted EGP 1.46 billion sales in 2017, compared to EGP 781 million a year earlier, according to a statement to the Egyptian Exchange (EGX).
OHD is trying to improve its financial position through restructuring and decreasing loans with a value of around EGP 800 million and EGP 1 billion during 2018 through selling some assets.
The key player in the North African nation’s hotel and tourism development sector turned profitable after generating EGP 92.5 million revenues during the third quarter of 2017, against EGP 46.01 million losses in Q3-16.
The company’s stock shed 0.28%, closing Tuesday at EGP 24.59.