Cairo – Mubasher: The net profits of Orascom Development Egypt (ODE) leapt by 377% year-on-year (YoY) to EGP 438.46 million in the first quarter (Q1) of 2021, compared to EGP 91.85 million, including minority shareholders’ rights.
The company’s revenues increased to EGP 1.46 billion in the three-month period ended 31 March, compared to EGP 903.83 million in the corresponding period a year earlier, according to a bourse disclosure on Monday.
As for standalone business, the company logged net profits of EGP 370.03 million in the January-March period, up from EGP 54.19 million in the prior-year period.
In 2020, ODE achieved net profits of EGP 532.18 million, down from EGP 678.66 million in 2019.
The profits attributable to minority interests rose to EGP 39.14 million last year from EGP 26.88 million in 2019.
