Orascom Development Egypt net income falls more than 20% in 2020

Orascom Development Egypt’s (ODE) net income fell more than 20% during 2020, according to the company’s annual earnings release (pdf). Profits fell to EGP 532.2 mn, from EGP 678.6 mn in 2019, despite revenues rising 6% to EGP 5.4 bn. Real estate revenues, mostly generated by new O West construction projects, grew by nearly EGP 1 bn during the year, offsetting the plunge in hotel revenues, which fell 66% to EGP 506 mn due to the collapse in tourism caused by the pandemic.