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ODE's net profit for FY 2023 increased by 63.5% y-o-y to EGP 3.1 billion, driven by record sales of EGP 19.4 billion and strong performance across the recurring income portfolio despite the challenging operating environment.
Key Highlights of FY 2023 vs. FY 2022
▪ Solid revenue growth of 49.2% in FY 2023, reaching an all-time high of EGP 15.3 billion.
▪ Adj. EBITDA increased by 47.1% y-o-y to EGP 5.8 billion in FY 2023, with a margin of 37.6%.
▪ Strong top-line growth filtered down to the Company’s bottom line, which expanded by 63.5% year over year to EGP 3.1 billion with an associated net profit margin of 20.4%.
▪ Our hospitality revenues are up by 94.5% y-o-y to exceed the EGP 3.0 billion mark in FY 2023.
▪ Net real estate sales for FY 2023 recorded EGP 19.4 billion, the highest in the company’s history, with a 75% increase year over year.
▪ Real estate cash collection increased by 81.2% to reach EGP 10.1 billion.
Key Highlights of Q4 2023 vs. Q4 2022
▪ Total revenue increased by 38.6% to reach EGP 5.0 billion.
▪ Adj. EBITDA up 28.4% to record EGP 1.8 billion, with a margin of 36.0%.
▪ Net profit indicates substantial growth, a remarkable increase of 187.8%, reaching EGP 1.1 billion.
▪ Net real estate sales for Q4 2023 increased by 65.9% to reach EGP 6.4 billion.
Cairo – ODE has faced a challenging business environment during the 2023 financial year due to several headwinds. However, our diversified business model enabled our core underlying business to deliver an outstanding performance despite rising inflation, geopolitical instability, and the devaluation of the EGP affecting our operational results. We have shown remarkable resilience in testing times, and our agility in responding swiftly to changing market conditions has allowed us to maintain our growth trajectory. We finished the year strong, breaking financial and operational records thanks to our dynamic and flexible business model that enabled us to adjust strategies and introduce new products to cater to our customers' needs. As we continue to monitor market dynamics, we are confident that our experience and strength will allow us to navigate any future challenges successfully. In 2024, we plan to accelerate profitable growth, create a more agile and cost-efficient business, and generate additional shareholder value. We will continue to follow our successful strategy from previous cycles, and we are confident that our unwavering commitment to excellence will enable us to achieve our goals.
