Cairo – Mubasher: Orascom Development Egypt logged real estate sales amounting to EGP 23.10 billion in the first nine months (9M) of 2024, marking a 77% year-on-year (YoY) increase.
The company sustained its positive momentum, achieving impressive financial and operational outcomes despite a foreign exchange (FX) loss of EGP 2.10 billion.
Revenues surged by 49.30% YoY to EGP 15.50 billion in 9M-24, while the net profits increased by 9.90% YoY to EGP 2.23 billion.
The hospitality revenues elevated by 29.10% to EGP 2.90 billion as of 30 September 2024 despite the challenging market environment.
Meanwhile, the net real estate sales jumped by 76.90% to EGP 23.10 billion, recording the highest sales figure in the group’s history.
In the third quarter (Q3) of 2024, the revenues increased by 26% to EGP 5.20 billion. The quarter's gross profit rose by 15.80% to EGP 1.90 billion, with a gross margin of 36.10%.
Last October, Orascom Development Egypt secured a $155 million loan facility with the International Finance Corporation (IFC).
During the first half (H1) of 2024, the development group registered EGP 942.76 million in consolidated net profit, an annual drop from EGP 1 billion.
