Latest news with #ODE
India.com
3 days ago
- Science
- India.com
China gets ready for new age war, shocks everyone with 600 second testing of..., claims to leave behind...
Chinese President Xi Jinping- File image Following the test, China has positioned itself ahead of global powers like the US and Russia in the hypersonic race. If their claims are true, this could mark a turning point where China not only dominates global trade but also gains a major edge during war. What is this explosive engine China is talking about? Unlike traditional jet engines, the Rotating Detonation Engine (RDE) is based on a completely different principle as it generates power through controlled explosions, not steady combustion. It works by creating continuous detonation waves that rotate inside a chamber. These intense shockwaves generate more thrust while consuming less fuel, making the engine extremely efficient and powerful. This technology is particularly suited for rockets and hypersonic missiles, allowing them to travel at blistering speeds over long distances. That's why countries like the United States have been trying to develop it for decades but with limited success. Why has the US struggled with it? The U.S. began exploring detonation-based propulsion back in the 1950s when the Air Force and the University of Michigan worked on the Oblique Detonation Engine (ODE). NASA joined in the 1970s, attempting to push the technology to speeds of Mach 16. Despite these efforts, no team was able to maintain a stable detonation wave or achieve the right balance of fuel and air, both critical to making the engine work. Even the U.S. Navy's ambitious 'Dream Shell' project, launched in 2012, was eventually shelved in 2021 due to technical roadblocks. If China's claim of successfully operating an RDE for 600 seconds proves true, it could be a game-changer, not just for military strategy, but for the future of aerospace propulsion as a whole. How did China pull this off? Scientists at China's National University of Defense Technology reportedly tested a small version of the Rotating Detonation Engine (RDE) inside a wind tunnel. By mixing ethylene and oxygen, they created continuous detonations and kept the engine running steadily and cool for a full 10 minutes. If this system can be scaled up successfully, it could have major implications, from powering hypersonic weapons to revolutionizing space travel.
Zawya
15-05-2025
- Business
- Zawya
Orascom Development Egypt records 54.3% surge in Q1 2025 revenues
Egypt - Orascom Development Egypt (ODE) reported a strong start to the year, with total revenues rising 54.3% year-on-year to EGP 6.4bn in the first quarter (Q1) of 2025. Gross profit more than doubled, increasing by 130.2% to EGP 3.3bn. This resulted in a gross profit margin of 50.7%, up significantly from 34.0% in Q1 2024. The growth was primarily driven by exceptional performance in the company's recurring income segments, particularly hotels and commercial assets, which together contributed EGP 2.1bn in revenues—a 58.9% increase over the same period last year. Adjusted EBITDA also showed impressive growth, soaring 115.5% to EGP 3.4bn, with the EBITDA margin improving to 52.7%, compared to 37.7% in Q1 2024. Net profit rebounded strongly to EGP 2bn, reversing a net loss of EGP 1bn in the first quarter of the previous year. In the real estate segment, ODE sold 131 units in Q1 2025, generating EGP 4.1bn in net contracted sales, down from EGP 8.8bn in Q1 2024. The decline was attributed to fewer new launches, as the company prioritized timely delivery of units in O West and Makadi Heights. El Gouna remained the top contributor, accounting for 74% of total sales. Despite the drop in volumes, the segment's deferred revenue rose by 38% year-on-year to EGP 38.6bn, enhancing visibility into future earnings. Real estate revenues declined slightly by 2.7% to EGP 2.8bn, largely due to lower contributions from O West. However, ODE anticipates a pickup in revenues in the coming quarters, driven by accelerated construction activity. The segment delivered adjusted EBITDA of EGP 1.2bn, representing a margin of 43.2%. ODE's hotel operations delivered a record performance, with revenue increasing by 68% year-on-year to EGP 1.2bn—the highest first-quarter div in the company's history. This was supported by high occupancy rates and improved average room rates, despite ongoing global macroeconomic and geopolitical challenges. The commercial assets segment also sustained its upward trajectory, with revenue rising 49% to EGP 1bn. Adjusted EBITDA for the segment reached EGP 361.4m, up 52%, reflecting enhanced operational efficiency and a continued focus on profitability. Regionally, El Gouna posted Q1 real estate sales of EGP 3bn, down 26.2% due to fewer launches. However, average selling prices increased sharply by 56% to EGP 279,416 per square meter. Real estate revenue from El Gouna rose 29.9% to EGP 1.9bn, while hotel revenue jumped 67.9% to EGP 1.2bn. Total revenues from El Gouna doubled to EGP 5.5bn. At Makadi Heights, real estate sales fell 63.3% to EGP 463.7m, despite a 102.8% increase in average selling prices. Revenues climbed 81.4% to EGP 387.4m, with 700 unit deliveries targeted by year-end. Taba Heights, with only one operational hotel, recorded a 161.1% increase in revenues to EGP 28.2m. The company continues to focus on cost control while awaiting a broader recovery in tourism. O West experienced a sharp drop in real estate sales, which fell 82.0% to EGP 604.7m due to the lack of new project launches. However, average selling prices rose 75.3%, partially offsetting the volume decline. Revenues dropped 54.9% to EGP 530.6m. ODE expects a rebound in the second quarter, supported by intensified construction efforts and a planned capital increase later in 2025.
Daily News Egypt
14-05-2025
- Business
- Daily News Egypt
ODE records 54.3% surge in Q1 2025 revenues to EGP 6.4bn
Orascom Development Egypt (ODE) reported a strong start to the year, with total revenues rising 54.3% year-on-year to EGP 6.4bn in the first quarter (Q1) of 2025. Gross profit more than doubled, increasing by 130.2% to EGP 3.3bn. This resulted in a gross profit margin of 50.7%, up significantly from 34.0% in Q1 2024. The growth was primarily driven by exceptional performance in the company's recurring income segments, particularly hotels and commercial assets, which together contributed EGP 2.1bn in revenues—a 58.9% increase over the same period last year. Adjusted EBITDA also showed impressive growth, soaring 115.5% to EGP 3.4bn, with the EBITDA margin improving to 52.7%, compared to 37.7% in Q1 2024. Net profit rebounded strongly to EGP 2bn, reversing a net loss of EGP 1bn in the first quarter of the previous year. In the real estate segment, ODE sold 131 units in Q1 2025, generating EGP 4.1bn in net contracted sales, down from EGP 8.8bn in Q1 2024. The decline was attributed to fewer new launches, as the company prioritized timely delivery of units in O West and Makadi Heights. El Gouna remained the top contributor, accounting for 74% of total sales. Despite the drop in volumes, the segment's deferred revenue rose by 38% year-on-year to EGP 38.6bn, enhancing visibility into future earnings. Real estate revenues declined slightly by 2.7% to EGP 2.8bn, largely due to lower contributions from O West. However, ODE anticipates a pickup in revenues in the coming quarters, driven by accelerated construction activity. The segment delivered adjusted EBITDA of EGP 1.2bn, representing a margin of 43.2%. ODE's hotel operations delivered a record performance, with revenue increasing by 68% year-on-year to EGP 1.2bn—the highest first-quarter figure in the company's history. This was supported by high occupancy rates and improved average room rates, despite ongoing global macroeconomic and geopolitical challenges. The commercial assets segment also sustained its upward trajectory, with revenue rising 49% to EGP 1bn. Adjusted EBITDA for the segment reached EGP 361.4m, up 52%, reflecting enhanced operational efficiency and a continued focus on profitability. Regionally, El Gouna posted Q1 real estate sales of EGP 3bn, down 26.2% due to fewer launches. However, average selling prices increased sharply by 56% to EGP 279,416 per square meter. Real estate revenue from El Gouna rose 29.9% to EGP 1.9bn, while hotel revenue jumped 67.9% to EGP 1.2bn. Total revenues from El Gouna doubled to EGP 5.5bn. At Makadi Heights, real estate sales fell 63.3% to EGP 463.7m, despite a 102.8% increase in average selling prices. Revenues climbed 81.4% to EGP 387.4m, with 700 unit deliveries targeted by year-end. Taba Heights, with only one operational hotel, recorded a 161.1% increase in revenues to EGP 28.2m. The company continues to focus on cost control while awaiting a broader recovery in tourism. O West experienced a sharp drop in real estate sales, which fell 82.0% to EGP 604.7m due to the lack of new project launches. However, average selling prices rose 75.3%, partially offsetting the volume decline. Revenues dropped 54.9% to EGP 530.6m. ODE expects a rebound in the second quarter, supported by intensified construction efforts and a planned capital increase later in 2025.
Zawya
14-05-2025
- Business
- Zawya
Orascom Development Egypt has released its consolidated financial results for the first quarter of 2025
Cairo - ODE began the year on a strong note, marked by outstanding performance across all key financial indicators. Revenues surged by 54% to EGP 6.4 billion, while Adjusted EBITDA more than doubled, soaring by 116% to EGP 3.4 billion. Net profit also delivered robust results, reaching EGP 2.0 billion. Key Highlights of Q1 2025 vs. Q1 2024 Total revenues increased by 54.3% to EGP 6.4 billion. Adj. EBITDA grew ahead of revenue, increasing by 115.5% to EGP 3.4 billion in Q1 2025, with a margin of 52.7% vs. 37.7% in Q1 2024. Recorded a net profit of EGP 2.0 billion vs. a loss of EGP 1.0 billion in Q1 2024. The hospitality segment has experienced an outstanding performance, with revenues increasing by 68.4% to EGP 1.2 billion, notwithstanding the effects of seasonality. Revenues from recurring business in Q1 2025 increased by 59% to EGP 2.1 billion compared to Q1 2024. The cash balance remained strong, reaching EGP 7.6 billion, and foreign currency cash stood at USD 80.2 million. Cash flow from operations reached EGP 1.8 billion. Net real estate sales reached EGP 4.1 billion. Financial Review: Q1 2025: ODE commenced 2025 with strong financial results, demonstrating a remarkable resilience in a challenging economic landscape. The company reported total revenue of EGP 6.4 billion for Q1 2025, reflecting a substantial year-on-year increase of 54.3%. This growth trajectory underscores the effectiveness of our strategic initiatives and the robustness of our business model. In parallel, the gross profit exhibited a significant upsurge, rising by 130.2% to reach EGP 3.3 billion. The increase in GOP outpaced revenue growth, resulting in an improved gross profit margin of 50.7%, which is markedly higher than the margin of 34.0% achieved in Q1 2024. The enhancement in revenues and gross profit can be attributed primarily to the superior performance of our recurring income segments, including hotels and commercial assets. These segments witnessed a compelling increase of 58.9%, contributing EGP 2.1 billion to revenue in Q1 2025. Additionally, our results benefited from the recognition of EGP 1.6 billion derived from the land sale in El Gouna, a transaction executed in late 2024 with Hassan Allam. This significant sale not only bolstered our revenue but also highlighted the value of our strategic asset management. Adj. EBITDA expanded by 115.5% to reach EGP 3.4 billion, underscoring our commitment to operational excellence. This increase resulted in a margin of 52.7%, representing a substantial improvement compared to the 37.7% margin recorded in Q1 2024, which reinforces our effective cost management practices. The other gains and losses reported a loss of EGP 112.8 million, compared to a loss of EGP 2.4 billion in Q1 2024. This improvement is primarily attributed to the stabilization of the Egyptian Pound following its earlier devaluation in 2024, which had adversely impacted our financial outcomes in the prior period. Furthermore, our finance costs decreased by 5.9%, amounting to EGP 409.3 million in the first quarter of 2025. As a result of these positive developments, our net profit reached EGP 2.0 billion in Q1 2025, representing a dramatic contrast to the net loss of EGP 1.0 billion incurred during the same period last year. Overall, these strong results are a testament to our strategic direction and the effectiveness of our operational execution in a fluctuating economic environment. Group Real Estate Segment: Real estate sales reached EGP 4.1 billion, primarily due to the limited number of launches during the period. The real estate deferred revenue balance increased by 38%, providing strong visibility of our real estate revenue across all our destinations over the next four years. ODE sold 131 units during the first quarter of 2025, generating net contracted sales of EGP 4.1 billion (compared to EGP 8.8 billion in Q1 2024). Approximately 43% of sales are primarily from international markets. The drop in sales is primarily attributable to the limited launches in Q1 2025 compared to Q1 2024, as the company temporarily halted sales at the beginning of 2025 across O West and Makadi Heights, revisiting sales prices. Despite that, we have witnessed a healthy demand for the limited launches released during the quarter. We will continue to bring forward new releases across all our destinations throughout the year, as we closely monitor the macroeconomic environment, the latest market trends, and their impact on our pricing strategy. Going forward, ODE will periodically review its selling prices as it seeks to balance maximizing sales with managing cost inflation risk in the current inflationary environment. El Gouna is the group's largest contributor to sales, accounting for 74%, followed by O West at 15%, and finally Makadi Heights at 11%. Our real estate revenue has decreased by 2.7% to EGP 2.8 billion. The slight decline in revenues can be attributed to the drop in revenue from the O West project. This decline occurred as priority was given to the timely delivery of the first phase of apartments to clients, which impacted overall revenue. However, revenues are likely to rise in the upcoming quarter, aligning with a strategic initiative to accelerate the pace of construction activities. Additionally, Adj. EBITDA reached EGP 1.2 billion, with a margin of 43.2%. Our real estate cash collections amounted to EGP 3.4 billion. Furthermore, the total deferred revenue from real estate, which will not be recognized until 2029, has increased by 38.1% to EGP 38.6 billion, providing strong visibility into our real estate revenue across all our destinations over the next 3-4 years. Meanwhile, total real estate receivables, including off-balance sheet, stood at EGP 51.9 billion in Q1 2025 compared to EGP 37.4 billion in Q1 2024, up by 38.9% y-o-y. Group Hotels Segment: Our hotel segment had an outstanding start despite the turmoil in the Middle East, with revenues up by 68% to EGP 1.2 billion. Despite the challenging global macro and geopolitical environment, particularly in the Middle East, our hotel segment delivered impressive financial and operational performance across all metrics during the first quarter of 2025. Our hotels demonstrated remarkable financial and operational resilience in the first quarter of 2025, achieving record revenues that surged 68% to EGP 1.2 billion, the highest first-quarter figure in the company's history, compared to EGP 698.8 million in Q1 2024. The GOP reached EGP 601.0 million, reflecting a robust 63.2% increase from the previous year, meanwhile, Adj. EBITDA soared to EGP 554.7 million, up 93.8% from EGP 286.2 million in Q1 2024, with an impressive margin improvement to 47.1%, up from 41.0%. Despite being impacted by the Holy Month of Ramadan in March 2025, we successfully maintained high occupancy rates and improved average room rates, showcasing our ability to adapt and thrive. This stellar performance underscores the company's commitment to enhancing the guest experience through strategic investments in property upgrades and technological advancements, as it remains dedicated to navigating ongoing industry challenges and ensuring exceptional service and sustained financial success. Recurring commercial assets segment; continual improvement in operations, with revenues up 49% to c. EGP 1.0 billion and Adj. EBITDA is up by 52% to EGP 361.4 million with a margin of 38%. The commercial assets segment remains a dependable source of cash flow in financing the group's growth while protecting against cyclical slowdowns resulting from unforeseen events. Total revenue derived from our commercial assets has shown significant growth, increasing by 48.5% to reach EGP 950.9 million, compared to EGP 640.3 million in Q1 2024. Adj. EBITDA has increased at a rate exceeding revenue, reflecting our operational excellence, which is attributable to the successful implementation of restructuring initiatives that have enhanced the quality and profitability of our services and amenities. Adj. EBITDA rose by 52.3% to EGP 361.4 million, resulting in a margin of 38.0%, up from 37.1% in Q1 2024. This upward trend underscores our strategic focus on maximizing efficiency and reinforces our commitment to delivering sustainable value to our stakeholders. Details on the Destinations El Gouna: El Gouna's net real estate sales reached EGP 3.0 billion, a 26.2% decrease compared to the EGP 4.1 billion recorded in Q1 2024. The decrease is primarily due to the limited number of launches in Q1 2025. Moreover, we continued our strategy of increasing the average selling prices of real estate units. In Q1 2025, our average selling prices increased by 56% to EGP 279,416/sqm compared to Q1 2024. During Q1 2025, 96 units were delivered, and the remaining 314 units are scheduled for delivery as planned. El Gouna's real estate revenues have increased by 29.9% in Q1 2025, reaching EGP 1.9 billion (Q1 2024: EGP 1.5 billion). Looking at El Gouna's hospitality arm, our hotels have continued to thrive despite the challenging market environment and the seasonality effect caused by the holy month of Ramadan. Our strong ties with leading European tour operators have helped us achieve growth in our bottom-line operational and financial outcomes. El Gouna hotel revenues increased by 67.9% to EGP 1.2 billion (Q1 2024: EGP 689.5 million). Our ARRs were up 54% to EGP 5,159 per night compared to Q1 2024. Meanwhile, GOP for El Gouna hotels increased by 59.1% to EGP 611.6 million during Q1 2025. During Q1 2025, our hotel occupancy reached 72% compared to 62% in Q1 2024, despite the seasonal impact of Ramadan. During the Eid and Easter breaks, occupancy at our hotels reached 100%. Foreigners represented 86% of our total hotel occupancy during Q1 2025. Our commercial assets' revenues increased by 43.8% to EGP 888.4 million compared to Q1 2024, reaping the benefits of the successful restructuring implementation. El Gouna's total revenues were up 98.6% to EGP 5.5 billion (Q1 2024: EGP 2.8 billion). O West, Egypt: O West net real estate sales declined by 82.0% to EGP 604.7 million. This downturn is primarily attributable to our strategic decision to restrict new property launches during this period. We plan to resume releases across O West starting in the second quarter of 2025, while closely monitoring the macroeconomic environment and its influence on our pricing strategies. Our average selling prices have increased by 75.3% to reach EGP 127,801/sqm. O West has set a target to deliver 1,300 units throughout the project by 2025. Additionally, total revenue from O West decreased by 54.9% to EGP 530.6 million. This decline is primarily due to our prioritization of the timely delivery of the first phase of apartments to our clients, which has adversely affected overall revenue. Nevertheless, we anticipate a rise in revenues in the forthcoming quarter, consistent with a strategic initiative to expedite construction activities. O West is studying a capital increase. This initiative is expected to be finalized and implemented in 2025. O West intends to utilize this capital raise to strengthen its financial position, support ongoing projects, and pursue any new growth opportunities. Makadi Heights, Egypt: In Q1 2025, Makadi Heights's net real estate sales declined by 63.3% to EGP 463.7 million vs. EGP 1.3 billion in Q1 2024. This downturn is primarily due to our strategic decision to limit new launches during this period. International sales represented 51% of total real estate sales during Q1 2025. Notably, our average selling prices have continued to rise, with the average selling price per square meter increasing by 102.8% to reach EGP 119,613/sqm compared to the first quarter of 2024. Makadi Heights has set a target to deliver 700 units by 2025, with most of these units expected to be completed ahead of schedule, thanks to the destination's expedited construction efforts. Total revenues from Makadi Heights have increased by 81.4%, reaching EGP 387.4 million, compared to EGP 213.6 million in Q1 2024. Taba Heights, Egypt: Taba Heights continues to pose a challenge for the group. We continue to minimize the cash burn rate in the short and medium term, ensuring the destination can operate once tourism resumes. We remain committed to implementing a prudent approach in our efforts to mitigate the impact of the current crisis. Total revenues from Taba during Q1 2025 reached EGP 28.2 million, representing a 161.1% increase compared to Q1 2024. Only one hotel operates out of the six hotels.
Yahoo
02-04-2025
- Politics
- Yahoo
Oregon Department of Education ends math, literacy programs after federal funding cuts
PORTLAND, Ore. (KOIN) – The Oregon Department of Education is slashing several math and literacy programs after the Trump administration terminated pandemic-era funds for schools, the Oregon Department of Education announced Tuesday. ODE received a formal notification from the U.S. Department of Education stating more than $2.5 million in COVID-era funding appropriated by Congress for the state agency was terminated effective March 28, ten months earlier than state officials expected, ODE said. Amid already struggling student test scores in Oregon, ODE says several programs now 'must be shut down' because of the federal funding cuts. DON'T MISS: Oregon schools could see 'operational disruptions' after Department of Education layoffs The cuts at ODE, include plans to develop a statewide instructional framework 'so that regardless of zip code Oregon students can count on excellent instruction,' the department said, noting a separate program developing a framework for teaching math will also be cut. Statewide literacy programs are also on the chopping block. According to ODE, this includes cutting the Oregon Literacy Practitioners Network, which would have created a network of ambassadors to share best practices for literacy education with teachers. Ex-partner 'sick to stomach' over Vancouver Outdoor Expo Another cut program would have developed trainings, and a collection of other resources, to support educators with implementing the newly released Oregon Adolescent Literacy Framework for grades 6-12. A separate program would have provided in-person regional training for educators, including five statewide summits to prepare educators on using the instructional resources for early and adolescent literacy education. ODE said it is continuing to evaluate the impacts of the funding terminations, noting, 'ODE remains committed to making sure students have the tools and resources to thrive, to continue our vision for serving each and every scholar receiving education in Oregon.' KOIN 6 News has reached out to the U.S. Department of Education. Close Thanks for signing up! Watch for us in your inbox. Subscribe Now As reported by Politico, schools were required to finalize plans to spend the remaining $130 billion in COVID relief from the Department of Education by September 2024 and liquidate the funds by January. Liquidation extension requests would have allowed schools to use the funds for previously approved projects into early 2026, however, Education Secretary Linda McMahon 'has reconsidered' the requests, the outlet said. According to Politico, Education Department Spokesperson Madi Biedermann said, 'COVID is over. States and school districts can no longer claim they are spending their emergency pandemic funds on 'COVID relief' when there are numerous documented examples of misuse.' 'The Biden Administration established an irresponsible precedent by extending the deadline for spending the COVID money far beyond the intended purpose of the funds, and it is past time for the money to be returned to the people's bank account,' Biedermann added. Oregon bill allocating $800M toward Portland MLB team forges ahead ODE's announcement of terminated programs comes as Oregon reading proficiency scores are among the worst in the nation, according to a January report from the National Assessment of Education Progress, finding most Oregon fourth graders and eighth graders continue to perform below pre-pandemic levels in math and reading. In a statement in January, Charlene Williams, the head of the Oregon Department of Education, said the state was expanding programs to help students. '[The Oregon Department of Education] is expanding literacy efforts to reach schools serving some of our most impacted students, ensuring they have access to high-quality instruction and resources,' said Williams. 'Additionally, summer and extended learning opportunities are more important than ever in closing gaps and accelerating progress.' Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
