Orascom Development Profits Jump 83% in 9 M

Orascom Development Profits Jump 83% in 9 M

Orascom Development Egypt (ODE) posted an 82.9% hike in net profit, up to EGP 501.2 mn in the first nine months of 2019 versus EGP 274.1 mn in the prior-year period, Invest-Gate reports.

Revenues increased by 39.4% to reach EGP 3.3 bn in the nine-month period of 2019, compared to EGP 2.4 bn in the same period last year, according to the company’s latest consolidated financial results.

“It continues to record stellar operational and financial results across all business segments and remains on track to reach all year-end targets,” ODE stated.

Gross profits also rose by 6.5% year-on-year (y-o-y) to reach EGP 996.8 mn in the same nine months of the current year, while EBITDA went up 27.2% y-o-y to hit 1.2 bn.

“It is important to note that EBITDA margins were affected by O West, our first home project in Egypt, due to the upfront launch sales and marketing expenses incurred during the period. Higher margins from O West will start to kick in the year 2020 onwards,” the company added.

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