Latest news with #OrascomDevelopmentEgypt
Zawya
15-05-2025
- Business
- Zawya
Egypt: Orascom Development turns profitable in Q1 2025
Arab Finance: Orascom Development Egypt has generated consolidated net profits after tax attributable to the parent company amounting to EGP 2.044 billion during the first quarter (Q1) of this year, versus net losses worth EGP 1.181 billion in Q1 2024, as per the firm's financial statements. Revenues jumped to EGP 6.441 billion during the January-March period of 2025, up from EGP 4.175 billion in the same period a year earlier. On the standalone business front, the firm also garnered profits totaling EGP 2.204 billion in net profits after tax, while it incurred EGP 1.550 billion in net losses after tax in the first three months of 2024. ODE, the largest subsidiary of Orascom Development Holding (ODH), is a developer of resort towns, residential units, hotels, and recreational facilities such as golf courses, town centers, and marinas, in addition to supporting infrastructures, such as hospitals, schools, and utilities. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
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
16-04-2025
- Business
- Zawya
Orascom Development Egypt to pay dividends for 2024
Orascom Development Egypt announced a cash dividend distribution of EGP 0.384 per share for 2024, according to a bourse disclosure issued on April 15th. Orascom Development Egypt posted a 9.89% uptick in its consolidated net profits after minority interest, recording EGP 3.108 billion during 2024. Meanwhile, the standalone net profits after tax amounted to EGP 1.334 billion at the end of December 20024, compared to EGP 1.657 billion in 2023. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Zawya
12-03-2025
- Business
- Zawya
Egypt: Orascom Development's consolidated profits rise 9.89% YoY in 2024
Arab Finance: Orascom Development Egypt posted a 9.89% uptick in its consolidated net profits after minority interest, recording EGP 3.108 billion during 2024, compared to EGP 2.828 billion in 2023, according to the company's financial statements filed to the Egyptian Exchange (EGX) on March 11th. Revenues reached EGP 21.794 billion last year, up from EGP 15.326 billion a year earlier. In terms of the standalone business, the firm's net profits after tax amounted to EGP 1.334 billion, compared to EGP 1.657 billion. ODE, the largest subsidiary of Orascom Development Holding (ODH), is a developer of resort towns, residential units, hotels, and recreational facilities such as golf courses, town centers, and marinas, in addition to supporting infrastructures, such as hospitals, schools, and utilities. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Zawya
12-03-2025
- Business
- Zawya
Orascom Development Egypt achieves record $632mln in real estate sales
Orascom Development Egypt (ODE) has announced its consolidated results for Q4 2024, reporting record-breaking financial performance for the fiscal year (FY) 2024. The company achieved EGP 32.5bn in real estate sales, reflecting a 67% year-over-year (YoY) growth, with revenues surging 42% to EGP 21.8bn. Despite foreign exchange (FX) losses of EGP 1.8bn, net profit grew by 10.5% to EGP 3.4bn. In Q4 2024, ODE's revenues climbed 27.4% to EGP 6.3bn, while adjusted EBITDA rose by 50% to EGP 2.7bn, achieving an impressive 42.4% margin. Net profit for the quarter increased 11.6% to EGP 1.2bn, and net real estate sales grew 46.8% to EGP 9.3bn. The company completed significant land sales, including 110,000 sqm to Hassan Allam Properties for $34.7m ($341/sqm) and an additional 26,532 sqm in El Gouna for EGP 370m ($274/sqm), building on previous transactions from H1 2024. For the full year, ODE's adjusted EBITDA increased by 62.5% to EGP 9.3bn, with a 42.9% margin. Adjusted net profit, excluding FX losses, saw a 55.5% jump to EGP 5.3bn. International buyers contributed 41% of total sales, with O West leading at 39%, followed by El Gouna at 38% and Makadi Heights at 23%. Real estate revenue for Q4 2024 rose 3.3% to EGP 3.8bn, bringing FY 2024 total real estate revenue to EGP 12.8bn, a 28.5% increase. Cash collections surged 46.9% to EGP 14.7bn, while deferred revenue, set for recognition through 2029, grew 65.4% to EGP 37.3bn. ODE's hospitality division also delivered strong performance, recording EGP 4.3bn in revenues, a 41.6% increase, despite market challenges. Additionally, cash flow from operations grew by 151.5% to EGP 7.1bn, reinforcing ODE's strong financial position and growth trajectory.
