Orascom Development’s consolidated profits rise 1.85% YoY in 9 months
Updated 11/11/2024 9:11:00 AM
Arab Finance: Orascom Development Egypt posted a 1.85% year-on-year (YoY) rise in its consolidated net profits after minority interest, recording EGP 1.835 billion during the first nine months of 2024, compared to EGP 1.802 billion, according to the company’s financial statements filed to the Egyptian Exchange (EGX) on November 11th.
Revenues reached EGP 15.455 billion during the January-September period of this year, up from EGP 10.351 billion during the first nine months of last year.
In terms of standalone business, the firm’s net profits after tax plunged to EGP 296.358 million, compared to EGP 1.118 billion.
Moreover, the company’s real estate sales climbed by 76.9% YoY in the first nine months of 2024, reaching EGP 23.1 billion, according to Orascom’s latest earnings release.
Hospitality revenues amounted to EGP 2.9 billion, rising by 29.1% from the nine-month period of 2023.
As for cash flow from operations, it soared by 372.5% YoY to EGP 4.9 billion.
ODE, the largest subsidiary of Orascom Development Holding (ODH), is a developer of resort towns, residential units, hotels, and recreational facilities such as golf courses, town centers, and marinas, in addition to supporting infrastructures, such as hospitals, schools, and utilities.
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