Orascom Development Egypt has released its consolidated financial results for Q1 2023

Orascom Development Egypt has released its consolidated financial results for Q1 2023

ODE demonstrated robust business execution across all segments despite being impacted by FX losses due to the devaluation of Egyptian Pound (EGP) currency. Growing its total revenues by 52.8% to EGP 3.0 billion and its net real estate sales by 35.9% to EGP 2.7 billion

Key Highlights of Q1 2023 vs. Q1 2022

Total revenues increased by 52.8% to EGP 3.0 billion, with strong growth in recurring income business.

Adj. EBITDA up 61.8% to EGP 1.2 billion with a margin of 39.5%.

Net profits reached EGP 384.0 million in Q1 2023 despite being affected by EGP 477.7 million FX losses due to the devaluation of EGP.

Our hotels surpass pre-pandemic levels, with revenues up 120.0% to EGP 573.2 million.

Net real estate sales for Q1 2023 up 359% to EGP 2.7 billion, the highest Q1 sales figure in ODE’s history.

Cairo: ODE started the year with strong positive operational and financial results across all its destinations. Growing its total revenues by 52.8% to EGP 3.0 billion and a net profit of EGP 384.0 million despite being impacted by FX losses due to the devaluation of EGP.

Financial Review:

Q1 2023:

During Q1 2023, total revenues reached EGP 3.0 billion, up 52.8% y-o-y (Q1 2022: EGP 1.9 billion). Gross profit increased