Cairo – Mubasher: The ordinary general meeting of Orascom Hotels and Development (OHD) approved two commutative contracts worth EGP181.6 million in the fiscal year 2015, as per a press release by the company.
Commutative contracts (give-and-receive) are agreements in which what is done, given, or promised by one party is equivalent to what is done, given or promised by the other party.
The two contracts were made with Red Sea group and Ancient Sands Resort at EGP158.27 million and EGP23.3 million respectively.
Further, the ordinary meeting ratified the board and auditor’s reports and gave the green light to the board of directors to enter into commutative contracts in 2016.
In 2015, the company registered a net profit of EGP206 million compared to EGP106.4 million a year earlier.
