(MENAFN) Orascom Development Holding announced registering a net profit ofUSD33.71 million in the January-June period compared to a loss of USD51.27 million in the same period last year, Times of Oman reported.
The company also posted 2 percent rise in revenues compared to the same period last year, while contracted real estate sales increased to USD37.28 million mainly due to continued strong sales momentum in their El Gouna project.
"Increased revenue across the entire group's portfolio has created the flexibility to allocate more funds for our two landmark projects in the Sultanate. Now, we can continue making progress with the master plan for the Jebel Sifah and Salalah Beach," CEO of Orascom Development, said.
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