Cairo – Mubasher: Orascom Development Egypt (ODE) logged net profits valued at EGP 2.03 billion in the first nine months (9M) of 2023, an annual leap of 32.90% from EGP 1.53 billion.
The company registered higher profits despite being affected by EGP 236.40 million in foreign exchange (FX) losses due to the devaluation of the Egyptian currency.
The revenues hiked by 55% to EGP 10.35 billion in January-September 2023 from EGP 6.68 billion, according to the financial results.
Earnings before interest, taxes, depreciation, and amortisation (EBITDA) increased by 57.50% to EGP 4 billion in 9M-23, with a 38.30% margin compared to EGP 2.50 billion 9M-22.
Basic earnings per share (EPS) stood at EGP 1.62 as of 30 September 2023, compared to EGP 1.24 a year earlier.
The EGX-listed firm witnessed an annual growth of 80% in new sales to EGP 13.10 billion during 9M-23.
The real estate developer posted total assets amounting to EGP 37.27 billion in 9M-23, higher than EGP 28.26 billion as of 31 December 2022.
Income Statements for Q3
In the third quarter (Q3) of 2023, the net profits hit EGP 1.02 billion, a 52.80% year-on-year (YoY) surge from EGP 672.40 million.
Revenues enlarged by 45.30% to EGP 4.16 billion in Q3-23 from EGP 2.86 billion in Q3-22, while the basic EPS went up to EGP 0.83 from EGP 0.54.
During the three-month period that ended on 30 September 2023, the net real estate sales jumped by 115% to reach EGP 5.60 billion, marking the highest quarter in the company’s history.
Last year, Orascom Development Egypt posted higher consolidated net profits after tax at EGP 1.90 billion, compared to EGP 1.31 billion in 2021, including non-controlling interest.
