Naguib Sawiris-led Orascom development Egypt reports 65-percent revenue surge in H1-24

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Key Points:

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• Orascom Development Egypt’s consolidated revenues surged 65 percent in H1-24, reaching EGP 10.21 billion ($208 million).
• Q2-24 consolidated net profits nearly tripled to EGP 1.92 billion ($39 million), with revenues increasing by 86.4 percent year-on-year.
• The company reported a standalone net profit of EGP 484.64 million ($10 million) in H1-24, reversing last year’s losses.

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Orascom Development Egypt, the prominent subsidiary of Orascom Development Holding (ODH), owned by Egyptian billionaire Samih Sawiris, has reported a 65-percent increase in consolidated revenues for the first half (H1) of 2024.

The company’s revenues reached EGP 10.21 billion ($208 million), an increase from EGP 6.19 billion in the same period the previous year.

Despite this revenue growth, the consolidated net profits were EGP 942.76 million ($19.20 million), slightly down from over EGP 1 billion ($20.37 million) recorded in H1-23, leading to an earnings per share (EPS) of EGP 0.59 ($0.012), down from EGP 0.78 ($0.016) the previous year.

The company’s total assets also grew reaching EGP 47.04 billion ($957.98 million) as of June 30, 2024, compared to EGP 39.23 billion ($799.06 million) at the end of December 2023.

Standalone Results and Q2 Performance Highlights

The company posted a standalone net profit of EGP 484.64 million ($9.87 million) in H1-24, an increase from a net loss of EGP 204.12 million ($4.16 million) in the first half of 2023. This resulted in a profit per share of EGP 0.43 ($0.009), compared to a loss per share of[EGP 0.18 ($0.004) in the previous year.

However, the non-consolidated revenues witnessed a decline, dropping to EGP 2.48 billion ($50.51 million) by the end of June 2024, from EGP 4.17 billion ($84.94 million) in the same period of 2023.

The second quarter (Q2) of 2024 was particularly strong for Orascom Development Egypt. The company’s consolidated net profit for Q2-24 soared to EGP 1.92 billion ($39 million), nearly tripling from EGP 622.12 million ($12.67 million) in Q2-23.

Revenues for the quarter also surged by 86.4 percent, reaching EGP 6.03 billion ($122.85 million) compared to EGP 3.23 billion ($65.79 million) in the same quarter last year. The EPS for Q2-24 increased to EGP 1.64 ($0.033), up from EGP 0.52 ($0.011) in Q2-23.

On a standalone basis, Q2-24 profits jumped to EGP 1.34 billion ($27.29 million), up from EGP 443.40 million ($9.03 million) in Q2-23, while revenues rose to EGP 2.72 billion ($55.41 million) from EGP 1.23 billion ($25.05 million), in the same quarter of the previous year.

Founded in 2008 by Samih Sawiris after merging Orascom Projects for Touristic Development and Orascom Hotels and Development, the company has maintained a significant presence in the real estate sector.