Orascom Development Egypt’s (ODE) fiscal year 2023 saw a significant surge in net profit, climbing by 63.5% year-on-year to reach EGP3.1 bn, Invest-Gate reports.

This remarkable growth was propelled by a surge in sales, reaching an impressive EGP19.4 bn, coupled with robust performance across the recurring income portfolio, despite encountering a challenging operational landscape.

Moreover, despite grappling with various headwinds throughout the fiscal year, including inflationary pressures, geopolitical uncertainties, and the depreciation of the EGP, ODE demonstrated resilience.

Furthermore, their diversified business model was pivotal in sustaining solid performance, allowing them to navigate through turbulent waters effectively.

ODE’s ability to adapt swiftly to evolving market conditions and its dynamic approach to introducing new products aligned with customer demands contributed to its exceptional results.

As they look ahead to 2024, ODE is poised to accelerate growth, streamline operations, and enhance shareholder value. Drawing from past successes, the company remains steadfast in its commitment to excellence, confident in its ability to overcome future challenges and capitalize on opportunities in the ever-changing market landscape.