Arab Finance: Orascom Development Egypt posted a 38.3% increase in its consolidated net profits after tax and non-controlling interest to EGP 1.67 billion in 2022, compared to EGP 1.21 billion in 2021, according to the company’s financial statements.

Revenues reached EGP 10.27 billion last year, up 45.6% from EGP 7.05 billion in the prior year.

In terms of standalone business, the firm earned EGP 757.23 million in net profits after tax in 2022, a 5.5% uptick from EGP 717.65 million in 2021.

Standalone revenues saw a 40.2% year-on-year (YoY) surge to EGP 3.83 billion last year, versus EGP 2.73 billion.

According to the company’s earning release for 2022, the company recorded net real estate sales of EGP 11.1 billion, marking its highest-ever sales.

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