Cairo – Mubasher: Pharos Research has maintained an Overweight recommendation on Orascom Development Egypt’s stock at a fair value (FV) of EGP 35 per share.
The rating was mostly driven by the 21 million square metre residual land located in El Gouna, on which hotels and real estate projects will be constructed, the research firm highlighted in a recent report on Thursday.
Orascom Development on Thursday reported it has turned into profitability during 2017 with a net profit of EGP 391.9 million, against a net loss of EGP 499.4 million in 2016.
The Egypt-listed firm's revenues grew to EGP 2.6 billion last year from EGP 1.455 billion in 2016.
Meanwhile, standalone losses shrank to EGP 8.12 million in 2017 from EGP 181.8 million a year earlier.
