Orascom Development’s consolidated profits jump 11% YoY in H1
Updated 8/15/2023 12:23:00 PM
Arab Finance: Orascom Development Egypt posted an 11.13% increase in its consolidated net profits after minority interest during the first half (H1) of 2023, recording EGP 873.507 million, compared to EGP 786.006 million in H1 2022, according to the company’s financial statements filed to the Egyptian Exchange (EGX) on August 15th.
Revenues reached EGP 6.191 billion during H1 2023 from EGP 3.818 billion in H1 2022.
In terms of standalone business, the firm’s net profits after tax plunged to EGP 484.648 million, compared to EGP 593.306 million.
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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