Orascom Development Egypt has released its consolidated financial results for 9M 2022

Orascom Development Egypt has released its consolidated financial results for 9M 2022

Key Highlights of 9M 2022 vs. 9M 2021

- Total revenues increased by 36.3% to EGP 6.7 billion, with strong growth in recurring income business

- Adj. EBITDA up 36.0% to EGP 2.5 billion with a margin of 37.7%

- Net profit up 26.1% to EGP 1.5 billion

- Cash flow from operations reached EGP 1.2 billion

- Net real estate sales for 9M 2022 up 16.9% to EGP 7.3 billion, the highest nine-month sales figures in ODE’s history.

- Total deferred revenue from real estate increased by 31.0% to EGP 14.3 billion

- Real estate cash collection up 30.1% to EGP 4.3 billion

- Received a preliminary non-binding offer to acquire Orascom for Real Estate, the owner of the O West project for an equity value purchase price of EGP 2.46 billion

Key Highlights of Q3 2022 vs. Q3 2021

- Total revenues increased by 50.1% to EGP 2.9 billion

- Adj. EBITDA up 62.1% to EGP 1.1 billion with a margin of 39.5%

- Net profit up 43.4% to EGP 672.4 million

- Net real estate sales for Q3 2022 increased by 17.0% to EGP 2.6 billion

- Real estate cash collection up 32.0% to EGP 1.5 billion

Cairo – In the third quarter, ODE demonstrated robust business execution across all segments, and