Egypt’s Orascom Development net sales surge 87.5% in 2017

Egypt’s Orascom Development Holding (ODH) said Wednesday its net sales rose by 87.5 percent to 1.46 billion Egyptian pounds ($82.4 million) in 2017 from 781 million pounds in 2016, driven by the strong sales momentum in El-Gouna.

The company is planning to reduce the debt balance within 2018 by a further 800 million pounds to 1 billion pounds, through the sales of non-core assets and excess cash from operations.

ODE also targets seek an optimal balance in sheet structure and will continue its plans to reduce and restructure its debt, according to a press release. Source: Egypt today