Orascom Hotels posts revenues of $85.5mn in FY 2015

Orascom Hotels and Development (OHD), Egypt’s Premier Resort Developer, recorded standalone revenues of EGP 759.6 million(US$85.5 million) during FY2015 compared to EGP 328.7 million in FY 2014 according to an insightful source.

The company has registered a huge boost in profitability,  with consolidated net  profit  of  EGP  206 million  during FY 2015  compared to  EGP 106 million a year earlier.

According to standalone financial results, the company has registered net profit of 382 million Egyptian pounds during FY 2015 in comparison to losses 27 million Egyptian pounds in FY 2014.

Moreover, OHD’s fixed assets have reached 3.426 billion Egyptian pounds during FY 2015 compared to 3.310 billion Egyptian pounds during the previous year.

New Contracted Sales witnessed an increase of 73.7% over the same period last year reaching EGP 694.9 million compared to EGP 400.0 million in FY 2014.

Total occupancy reached 54% versus 48% in FY 2014 as a result of the continued hotel refurbishments.