Orascom Development Egypt posts a net income of EGP 1.5 bn in the first nine months of 2022, up 26.1% YoY, Invest-Gate reports.

The company’s total revenue surged to EGP 6.7 bn in 9 months to September 30^th 2022 from EGP 4.9 bn in the same period a year earlier.

Gross profit grows to EGP 2.4 bn in January-September 2022 from EGP 1.8 bn the year before.

The surge in revenues and gross profit is ascribed to an increase in construction activities, with the real estate revenue rising 26.1% YoY to EGP 4.7 bn in January-September 2022.

Moreover, adjusted EBITDA went up to EGP 2.5 bn in the nine-month period ended September 30^th from EGP 1.8 bn a year earlier.

In the third quarter of the year, sales in El Gouna grew 19.9% YoY to EGP 1.2 bn, while new sales in O West hit EGP 1.1 bn.

Real estate sales in Makadi Heights recorded EGP 304.9 mn in Q3 2022, up 12.6% YoY.