Arab Finance: Orascom Development Egypt (ODE) posted a 30.3% year-on-year (YoY) increase in its consolidated net profits after non-controlling interest during the first nine months of 2023, recording EGP 1.802 billion, compared to EGP 1.382 billion, according to a disclosure on November 15^th.

Revenues reached EGP 10.352 billion from January to September, up from EGP 6.680 billion in the same period of last year.

In terms of standalone business, the firm’s net profits after tax grew to EGP 1.119 billion in the first nine months of the current year, compared to EGP 1.038 billion in the corresponding period a year ago.

Meanwhile, standalone revenues rose to EGP 3.959 billion from EGP 2.439 billion.

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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