Orascom Development's debt portfolio worth $500mln - executive director to CNBC Arabia

The company currently has $100mln in net debt

  
Workers wearing protective face masks stand on a building under construction in the New Administrative Capital (NAC), east of Cairo, amid concerns about the spread of the coronavirus disease (COVID-19), in Egypt May 6, 2020.

Workers wearing protective face masks stand on a building under construction in the New Administrative Capital (NAC), east of Cairo, amid concerns about the spread of the coronavirus disease (COVID-19), in Egypt May 6, 2020.

REUTERS/Mohamed Abd El Ghany

DUBAI  - Egypt's Orascom Development ORHD.CA has a debt portfolio worth $500 million and the company aims to decrease it, its executive director Omar El Hamamsy told CNBC Arabia on Tuesday.

The company currently has $100 million in net debt, he added.

El Hamamsy said later in an interview with Asharq TV that the company's sales increased 50% year-on-year in first nine months of 2021 to $500 million.

The company announced last month in its preliminary unaudited performance indicators that its real estate sales for the first nine months of 2021 reached 6.2 billion Egyptian pounds ($396.17 million,) an increase of 43.4% compared with a year earlier.

($1 = 15.6500 Egyptian pounds)

(Reporting by Moataz Abdelrahiem, Writing by Nadine Awadalla; editing by Louise Heavens) ((Nadine.Awadalla@thomsonreuters.com;))


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