Egypt’s Orascom Development sees increase in hotel occupancy rates in Q4

Egypt’s Orascom Development Holding expected that its hotel occupancy rates would increase within the third and fourth quarters of this year, said managing director on Tuesday.

During the first half of 2020, the company’s consolidated profits fell 57 percent to 168.3 million Egyptian pounds ($10.5 million) from 393.7 million pounds last year, Abdel Hamid Abou Youssef added.

Revenues also dropped 17.5 percent to 1.92 billion pounds during the first six months of the current year against 2.3 billion pounds during the same period of 2019, Abou Youssef said.