Orascom Development’s consolidated profits drop 30.6% YoY in Q1
Updated 5/15/2023 9:17:00 AM
Arab Finance: Orascom Development Egypt posted a 30.62% decline in its consolidated net profits after minority interest, recording EGP 291.488 million during the first quarter (Q1) of 2023, compared to EGP 420.108 million in Q1 2022, according to the company’s financial statements filed to the Egyptian Exchange (EGX) on May 15th.
Revenues reached EGP 2.952 billion during Q1 2023, up by 52.85% from EGP 1.931 billion in Q1 2022.
In terms of standalone business, the firm’s net profits after tax plunged 88.37% YoY to EGP 41.244 million, compared to EGP 354.639 million.
ODE, the largest subsidiary of Orascom Development Holding (ODH), is a developer of resort towns, residential units, hotels, and recreational facilities such as golf courses, town centers, and marinas, in addition to supporting infrastructures, such as hospitals, schools, and utilities.
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