- Orascom Development Egypt achieved a 77 year-on-year increase in real estate sales, totaling EGP 23.1 billion 468 million in the first nine months of 2024.
- The company secured a 155 million loan from the International Finance Corporation to refinance liabilities and upgrade hospitality assets.
- Despite a foreign exchange loss of EGP 2.1 billion 43 million, ODE's revenues surged by 49.3 to EGP 15.5 billion 314 million, with net profits increasing by 9.9 to EGP 2.23 billion 45 million.
Orascom Development Egypt ODE achieved EGP 23.1 billion 468 million in real estate sales during the first nine months of 2024, marking a seventy-seven percent year-on-year increase despite navigating a challenging economic environment. The company's revenues surged by 49.3 percent to EGP 15.5 billion 314 million over the same period, reflecting its robust operational strategy.
While ODE faced a foreign exchange loss of EGP 2.1 billion 43 million, net profits grew by 9.9 percent to EGP 2.23 billion 45 million. The hospitality segment was a key driver of growth, with revenues climbing 29.1 percent to EGP 2.9 billion 59 million by the end of September 2024.
In the third quarter alone, revenues rose by 26 percent to EGP 5.2 billion 105 million, with gross profits increasing by 15.8 percent to EGP 1.9 billion 38.5 million, yielding a gross margin of 36.1 percent.
Strategic financial initiatives boost market standing
To strengthen its liquidity and long-term position, ODE secured a 155 million loan from the International Finance Corporation IFC in October 2024. The funds will be used to refinance liabilities and upgrade hospitality assets, including the Mvenpick Resort and Spa in El Gouna, enhancing free cash flow and reducing capital costs.
