CAIRO: Orascom Development Holdings saw a 56 percent growth in total consolidated revenues to CHF 237.9 million ($216.9 million) in the first half of 2008, according to the company’s financial results.
The figure is up by more than half from CHF 152.3 million ($138.9 million) during the same period last year.
Net profit grew by 74 percent to CHF 50.8 million, up from CHF 29.2 million the year before.
“Improvement in revenues generated is mainly from Egypt, the UAE and Oman, the firm said.
Hotel revenues were up 24 percent to CHF 81.6 million while revenues from real estate grew 188 percent to CHF 80.7 million in the first half of 2008, up from around CHF 28 million in the first half of 2007.
The group reported a 72 percent increase in earnings before interest, taxes, depreciation and amortization (EBITDA) to reach CHF 75.6 million.
“The first half of 2008 proved to be a historic milestone . whereby we successfully completed the reorganization of the ownership structure for the current operations to be under Orascom Development Holdings, company officials said in a statement to the press.
“Orascom became the pioneer corporate from the Middles East to have its primary listing on the SWX [Swiss Exchange].with a secondary listing on the Egyptian Stock Exchange.
In March 2008, Orascom Development Holding (ODH), a Swiss-based company controlled by Egyptian businessman Samih Sawiris, acquired Orascom Hotels and Development (OHD).
OHD, a member of Orascom Group, is an Egypt-based company that specializes in the design and development of real estate properties. The company’s activities include the construction of resorts and residential communities, destination marketing as well as the construction and sale of luxury holiday villas and apartments.
Now operating under this new structure, the company said it will focus on “streamlining operations.leveraging available cash growth and capacity building.