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In the first half of the year (H1), Orascom Development Egypt achieved a 76.9 percent year-on-year increase in revenue and an 11.7 percent jump in gross profit to CHF24.9 million (USD25.79 million).

However, due to currency devaluation, this was not reflected in the company’s turnover, which decreased 0.7 percent to CHF108.6 million (USD112.54 million) during the period January – June.

Revenue across the hotels segment in Egypt, Oman and the UAE soared 21.4 percent to CHF59 million (USD61.09 million) and a 153 percent increase in gross operating profits to CHF21 million (USD21.75 million) was observed.

Meanwhile, the net loss attributable to shareholders was reduced to CHF18.8 million (USD19.47 million), compared to CHF41.3 million (USD42.78 million) in H1 2016.