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Orascom Development Holding’s Egyptian subsidiary reported a strong first half of the year (H1), with a 76.9 percent increase in revenue compared to the first six month of 2016.

However, due to currency devaluation, this was not reflected in the Orascom Development Egypt’s turnover, which decreased 0.7 percent to CHF108.6 million (USD112.54 million).

Gross profit jumped 11.7 percent to CHF24.9 million (USD25.79 million), while the net loss attributable to shareholders was reduced to CHF18.8 million (USD19.47 million), compared to CHF41.3 million (USD42.78 million) in the first half of 2016.

Revenue across the hotels segment in Egypt, Oman and the UAE soared 21.4 percent to CHF59 million (USD61.09 million) and a 153 percent increase in gross operating profits to CHF21 million (USD21.75 million) was observed.