Orascom Development Egypt FY2020 earnings release

Revenues increased by 30.7% to EGP 1.72 billion vs. EGP 1.32 billion in Q4 2019

  

Cairo – We finished a challenging 2020 with another quarter of sequential improvements financially and operationally. Our results demonstrate the continued strength and relevance of Orascom brand, the success of our business model and the effectiveness of the actions we have taken to quickly adapt to the changes caused by the Covid-19 pandemic. Our focus on delivering differentiated solutions drove us to navigate through 2020. ODE's strong balance sheet put us in a good position to weather the challenges of 2020 while investing for future growth. 

CEO Omar El Hamamsy, added “I am very proud of the way ODE responded to the Covid-19 crisis in 2020. We quickly focused on liquidity, cost management, and execution, while rapidly innovating and ramping all our products. We entered 2021 with a positive momentum following two quarters of sequential improvement. I am confident we are well-positioned for the economic recovery and will continue to deliver solid performance for our shareholders, our customers, and our employees in the short and long term." 

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