Orascom Development Egypt’s net sales reach LE 1.5B

CAIRO – 17 January 2018: Orascom Development Egypt (ODE) announced Wednesday that its net sales increased by 87.5 percent to reach LE 1.46 billion in 2017, compared to LE 781 million in 2016, driven by the strong sales momentum in El-Gouna.

“We are planning to reduce the debt balance in 2018 by a further LE 800 million to LE 1 billion through the sales of non-core assets and excess cash from operations,” ODE noted in a press release.

ODE will continue to seek an optimal balance in sheet structure and will continue its plans to reduce and restructure its debt, according to the press release.