EARNINGS WATCH- Orascom Development Egypt’s (ODE) profits rose 41.1% y-o-y to EGP 705.6 mn in 2019, according to the company’s earnings release (pdf). ODE’s consolidated revenue rose 38.8% last year to EGP 4.7 bn up from EGP 3.3 bn in 2018 on the back of real estate sales soaring 202.5% y-o-y to a record EGP 6.9 bn. Sales in O West, ODE’s first residential development project, drove much of the increase, contributing to 62.4% of total sales.

Amer Group’s profits fell 24.5% in 2019 to EGP 56.4 mn from EGP 74.7 mn the year prior, according to an EGX disclosure (pdf). The company’s revenues also dipped to EGP 1.5 bn in 2019 from EGP 1.9 bn in 2018.

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