Cairo – Mubasher: Orascom Development Egypt posted consolidated net profits valued at EGP 942.76 million in the first half (H1) of 2024, lower than EGP 1 billion in H1-23.
Net revenues amounted to EGP 10.21 billion in H1-24, up 64.90% year-on-year (YoY) from EGP 6.19 billion, according to the consolidated financial results.
The earnings per share (EPS) hit EGP 0.59 in the first six months (6M) of 2024, an annual decrease from EGP 0.78.
Total assets reached EGP 47.04 billion as of 30 June 2024, versus EGP 39.23 billion at the end of December 2023.
Standalone Results
The EGX-listed firm turned profitable at EGP 484.64 million in H1-24, against standalone net losses valued at EGP 204.12 million in January-June 2023. The profit per share hit EGP 0.43 when compared to a loss per share of EGP 0.18.
Non-consolidated revenues plummeted YoY to EGP 2.48 billion as of 30 June 2024 from EGP 4.17 billion.
Financials for Q2-24
In the second quarter (Q2) of 2024, the consolidated net profit hiked to EGP 1.92 billion from EGP 622.12 million a year earlier.
The revenues climbed by 86.40% to EGP 6.03 billion in Q2-24 from EGP 3.23 billion in Q2-23, while the EPS increased to EGP 1.64 from EGP 0.52.
Meanwhile, the company’s standalone net profits surged to EGP 1.34 billion in Q2-24 from EGP 443.40 million a year earlier, whereas the revenues jumped to EGP 2.72 billion from EGP 1.23 billion.
During the January-March 2024 period, Orascom Development Egypt shifted to consolidated net losses valued at EGP 984.50 million, versus a net profit of EGP 384 million in Q1-23.
