Orascom Development Holding aims to lower its CHF 454 million debt portfolio – exec director

Egypt’s Orascom Development Holding aims to decrease its current debt portfolio which is worth CHF 454 million ($498 million) during the first half of the year, its executive director Omar El Hamamsy told CNBC Arabia on Tuesday.

El Hamamsy explained that the company currently has CHF 234 million in net debt during the first half of 2021.

New sales for the the third quarter of 2021 reached CHF 166.5 million, a 62.3 percent increase from CHF 102.6 million in the same quarter last year. That brought the company’s nine-month sales value to CHF 444.9 million, a 51.1 percent increase over the nine months of 2020.

The positive momentum that the company continued to witness in the third quarter of the year further solidifies its strong positioning in the industry and its ability to take advantage of the existing demand in the local market with its well-tailored products.