Orascom Development Egypt (ODE) has reported exceptional operational and financial performance, with a significant surge in net profit for Q2 2024, up by an impressive 210% to EGP 1.9 bn, resulting in a H1 2024 net profit of EGP 943 mn, Invest-Gate reports.

In the Group Real Estate sector, ODE has achieved new operational and financial milestones, with a 110% rise in net real estate sales amounting to EGP 15.7 bn, marking the highest H1 sales figure in ODE’s history.

Within the ODE Hotels division, despite facing various geopolitical challenges in the Middle East, the hospitality portfolio achieved a notable 34.0% revenue increase in the first half of 2024, reaching EGP 1.9 bn.

The ODE commercial assets segment remains a reliable source of cash flow, crucial for funding the group’s expansion and mitigating cyclical downturns resulting from unexpected events.

Q2 2024 revenue surged by 55.3% to EGP 687.3 mn, while Adj. EBITDA also rose by 78.1% to EGP 241.8 mn compared to Q2 2023. This elevated the segment’s revenue to EGP 1.3 bn in H1 2024, a 64.2% increase from H1 2023. Adj. EBITDA reported a 98.3% surge to EGP 479.1 mn, resulting in a margin of 36%, up from 30% in H1 2023.

El Gouna further solidified its appeal as a premier destination, witnessing a notable 115.4% increase in new real estate sales during Q2 2024, totaling EGP 3.7 bn. This brings the H1 2024 real estate sales to EGP 7.8 bn, a remarkable 172.1% surge from EGP 2.9 bn in H1 2023.

O West continues its growth trajectory in West Cairo, achieving EGP 5.6 bn in sales during H1 2024, reflecting a 57.6% increase compared to Q2 2023.

Makadi Heights has experienced substantial sales growth in 2024, reaching EGP 1.0 bn in Q2 2024, a 71.4% increase from Q2 2023. Total real estate sales for H1 2024 reached EGP 2.2 bn, up by 112.0% from H1 2023.