Orascom: Stable sales, rising profits
Orascom Development Holding considers itself to be on track in the first half of 2017. Revenue remained almost stable at CHF 108.6 million, while gross profit increased by almost twelve percent to CHF 24.9 million.
According to Orascom Development Holding AG, the results and operating performance of its largest subsidiary in Egypt, Orascom Development Egypt, have improved continuously since the beginning of the year. In local currency, revenue increased by 77 percent compared to the previous year. However, due to the devaluation of the Egyptian pound against the Swiss franc by 50 percent, this increase is not reflected in the Group revenue of 108.6 million (previous year: 109.4 million).
Gross profit increased by 11.7% to 24.9 million after 22.4 million in the same period of the previous year. The loss attributable to shareholders fell significantly in the reporting period from 41.3 million to 18.8 million. Adjusted EBITDA rose by 34.1% or 8.2 million to eleven million.
In the Hotels segment, the "pleasing development" in Egypt, Oman and the United Arab Emirates continued, according to Orascom. Revenue increased by 21.4 percent to 59 million and the gross profit margin rose by 153 percent to 21 million (previous year: 8.3 million)
In the reporting period, Orascom sold properties for 30.5 million, compared to 32.1 million in the same period of the previous year. According to the company, deferred sales revenue, which will be recognized in revenue until 2019, increased from 148.6 million to 149.5 million.
