Cairo – Mubasher: Orascom Development Egypt (ODE) recorded net profits valued at EGP 3.10 billion in 2023, marking a 63.50% year-on-year (YoY) leap, according to a press release.
The higher profits were driven by record sales of EGP 19.40 billion and strong performance across the recurring income portfolio despite the challenging operating environment.
Solid revenue witnessed an annual growth of 49.20% in 2023, reaching an all-time high of EGP 15.30 billion.
Earnings before interest, taxes, depreciation, and amortisation (EBITDA) hiked by 47.10% YoY to EGP 5.80 billion in 2023, with a margin of 37.60%.
The hospitality revenues we up by 94.50% YoY to EGP 3 billion in 2023, while the net real estate sales jumped by 75% to EGP 19.40 billion, the highest in the company’s history.
Meanwhile, the real estate cash collection increased by 81.20% to reach EGP 10.10 billion as of 31 December 2023 when compared to 2022’s value.
Financials for Q4-23
In the fourth quarter (Q4) of 2023, the total revenues enlarged by 38.60% YoY to EGP 5 billion, while the EBITDA increased by 28.40% to EGP 1.80 billion, with a margin of 36%.
Net profit indicates substantial growth, a remarkable leap of 187.80% in Q4-23, standing at EGP 1.10 billion. Net real estate sales increased by 65.90% to EGP 6.40 billion.
“ODE has faced a challenging business environment during the 2023 financial year due to several headwinds,” the statement read.
The company added: “However, our diversified business model enabled our core underlying business to deliver an outstanding performance despite rising inflation, geopolitical instability, and the devaluation of the EGP affecting our operational results.”
