Orascom Development Egypt has released its consolidated financial results for 1H 2023

Orascom Development Egypt has released its consolidated financial results for 1H 2023

Steller top-line and bottom-line figures with revenue reaching EGP 6.2 billion, up 62.2% y-o-y, net profit increasing by 17.2% to EGP 1.0 billion and net real estate sales of EGP 7.5 billion up c. 60%.

Key Highlights of 1H 2023 vs. 1H 2022

- Total revenues increased by 62.2% to EGP 6.2 billion

- Adj. EBITDA up 65.1% to EGP 2.3 billion with a margin of 37.0%

- Our net profit increased by 172% to EGP 1.0 billion despite being affected by EGP 334.6 million in FX losses due to the devaluation of the Egyptian currency

- Our hospitality revenues increased by 118.2% to EGP 1.4 billion, surpassing pre-covid levels

- Net real estate sales for 1H 2023 are up 59.9% to EGP 7.5 billion

Key Highlights of Q2 2023 vs. Q2 2022

- Total revenues increased by 71.7% to EGP 3.2 billion

- Adj. EBITDA up 68.7% to EGP 1.1 billion with a margin of 34.8%

- Net profit up 57.7% to EGP 622.1 million

- Net real estate sales for Q2 2023 increased by 78.1% to EGP 4.7 billion

Cairo – Pursuing the same momentum since the beginning of 2023, ODE once again delivers stellar financial and operational results. ODE continued to deliver on its strategy and growth pattern thanks