Orascom Development Egypt’s profit soars to $45.31mln in H1

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Cairo – The net profits of Orascom Development Egypt (ODE) grew by 15.3% year-on-year (YoY) during the first half (H1) of 2022 to EGP 858.3 million, compared with EGP 744.6 million, including minority shareholders’ rights.

Revenues during the six-month period ended 30 June 2022 reached EGP 3.8 billion, up 27.6% YoY from EGP 3 billion, according to a bourse filing on Monday.

During the second quarter (Q2) of 2022, the real estate developer generated higher net profits by 28.9% on an annual basis to EGP 394.6 million.

Meanwhile, revenues rose by 23% YoY in Q2-22 to stand at EGP 1.9 billion.

Last month, the EGX-listed firm reported a 16.90% yearly surge in sales to EGP 4.70 billion during H1-22, the highest H1 record in its history.

In Q2-22, the company’s sales amounted to EGP 2.70 billion, an annual hike of 39.40% from EGP 1.90 billion.