Orascom Development Egypt (ODE), a leading real estate company, has unveiled its exceptional performance during the first nine months of 2024, showcasing remarkable achievements and substantial growth in various financial metrics, Invest-Gate reports.

ODE reported a historic milestone with real estate sales skyrocketing to EGP 23.1 bn, marking a phenomenal 77% increase compared to the same period last year. The company witnessed a surge in revenues by 49% to EGP 15.5 bn, reflecting robust business performance.

Despite facing EGP 2.1 bn in foreign exchange losses, ODE achieved a net profit of EGP 2.23 bn, demonstrating a commendable 10% growth.

In the third quarter of 2024, ODE experienced a notable 26% increase in total revenues, reaching EGP 5.2 bn. Adjusted EBITDA rose by 26.1% to EGP 2.1 bn, boasting a healthy margin of 40.3%. Net profits surged by a solid 25.7% to EGP 1.3 bn in Q3 2024.

Compared to the same period in 2023, Total revenues for the first nine months of 2024 soared by 49.3% to EGP 15.5 bn, indicating substantial growth.

ODE showcased operational excellence with a significant 68.1% increase in Adj. EBITDA to EGP 6.7 bn, boasting a margin of 43.2%.

The company reported a 9.9% increase in net profit to EGP 2.23 bn, while adjusted net profit, after excluding FX losses, surged by an impressive 89.6% to EGP 4.3 bn.

Despite market challenges, ODE’s hospitality revenues rose by 29.1% to EGP 2.9 bn.

ODE secured $155 mn in debt financing with the International Finance Corporation (IFC) during this period.

The company’s cash balance reached EGP 7.3 bn, and foreign currency cash stood at $82.3 mn. Cash flow from operations saw a remarkable increase of 372.5% to EGP 4.9 bn, underscoring ODE’s operational prowess.