Orascom Development Egypt sees 6% higher profits in Q1-22

The company's revenues jumped by 32.3%

Staff Writer, Mubasher

May 19, 2022

PHOTO

Cairo - The consolidated net profits of Orascom Development Egypt (ODE) rose by 5.7% to EGP 463.70 million in the first quarter (Q1) of 2022, compared to EGP 438.46 million in the same period of 2021, including minority shareholders' rights.

The company's revenues jumped by 32.3% year-on-year (YoY) to EGP 1.93 billion in Q1-22 from EGP 1.45 billion, according to a bourse filing on Wednesday.

As for standalone businesses, the company's net profits retreated to EGP 354.63 million in the January-March period of 2022 from EGP 370.02 million in the year-ago period.

It is noteworthy to mention that in 2021, the consolidated net profits of ODE jumped by 130% to EGP 1.31 billion from EGP 571.32 million in 2020.

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.