Arab Finance: Orascom Development Egypt (ODE) generated a total revenue of EGP 15.3 billion in 2023, marking a year-on-year (YoY) growth of 49.2%, according to the company’s consoldiated earnings release.

The company’s consolidated net profit jumped by 63.5% YoY to EGP 3.1 billion in 2023,

This increase was driven by a net real estate revenue of EGP 19.4 billion recorded last year.

Meanwhile, hospitality revenues surpassed the EGP 3 billion mark, rising by 94.5% YoY.

As for real estate cash collection, it grew by 81.2% to EGP 10.1 billion in 2023.

In terms of standalone financials, the firm garnered EGP 1.658 billion in net profits after tax in 2023, compared to EGP 757.234 million in 2023.

Meanwhile, standalone revenues soared to EGP 5.382 billion from EGP 3.832 billion.

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