ODE reports net profit of EGP 392 mn in FY2017

EARNINGS WATCH- Orascom Development Egypt reported a net profit of EGP 392 mn in FY2017, up from a loss of EGP 499.5 mn in FY2016, the company announced on Thursday (pdf). Consolidates revenues grew 78.8% to EGP 2.6 bn on the back of growth in the company’s hotel business.

Separately, ODE CEO Khaled Bishara announced on Thursday plans to raise the percentage of freefloat shares on EGX to 25% this year, up from the current 15%, Reuters’ Arabic service reports. The increase will come from the sale of shares owned by parent company Orascom Development Holding (ODH), according to Bishara.