Orascom Development Egypt (ODE) has announced its consolidated results for the fourth quarter of 2024 (Q4 2024), showcasing exceptional financial performance for the fiscal year, Invest-Gate reports.

Real estate sales reached a record EGP 32.5 bn, marking a significant 67% increase compared to the previous year. Revenues surged by 42%, totaling EGP 21.8 bn, while net profit stood at EGP 3.4 bn, reflecting a growth of 10.5% despite being impacted by foreign exchange losses amounting to EGP 1.8 bn.

In Q4 2024, total revenues increased by 27.4% to EGP 6.3 bn. Adjusted EBITDA rose by 50% to EGP 2.7 bn, achieving a margin of 42.4%, which highlights the company’s operational excellence.

Net profit for the quarter increased by 11.6% to EGP 1.2 bn, and net real estate sales saw a remarkable rise of 46.8%, reaching EGP 9.3 bn.

Notably, ODE sold a 110,000 sqm land parcel to Hassan Allam Properties for $ 34.7 mn ($ 341 per sqm), as well as a 26,532 sqm land plot at the back end of El Gouna, an extension of a previous sale from the first half of 2024, with a total transaction value of approximately EGP 370 mn ($ 274 per sqm).

For the full fiscal year 2024, total revenues increased by 42.2% to EGP 21.8 bn. Adjusted EBITDA rose by 62.5% to EGP 9.3 bn, resulting in a margin of 42.9%.

Net profit for the year increased by 10.5% to EGP 3.4 bn, and adjusted net profit, after excluding foreign exchange losses, climbed by 55.5% to EGP 5.3 bn.

The hospitality division also performed exceptionally well, achieving record revenues of EGP 4.3 bn, reflecting a 41.6% increase despite challenging market conditions.

Overall, fiscal year 2024 marked a milestone for ODE, with total real estate sales reaching EGP 32.5 bn, representing a 67% year-over-year growth.

Furthermore, cash flow from operations surged by 151.5% to EGP 7.1 bn.