ODE announces 87.5% y-o-y increase in 2017 sales

Orascom Development Egypt (ODE) announced yesterday that sales in 2017 grew 87.5% y-o-y to EGP 1.46 bn, up from EGP 781 mn a year before, according to a company release (pdf). The increase was “driven by the strong sales momentum in El Gouna.” The release says that “the new hotel management strategy introduced in January 2017, coupled with the renovation of six hotels triggered a boost in operational efficiency, leading to higher occupancy and room rates.” The company flagged that it will be announcing FY2017 earnings in March.