ODE had a strong quarter, backed by record sales: EGX-listed Orascom Development Egypt (ODE) saw its net income rise 53% from the year before in 3Q 2023, reporting a top line of more than EGP 1 bn, according to an earnings release (pdf) out yesterday. The property developer logged its highest-ever quarterly net real estate sales, which more than doubled to EGP 5.6 bn. Revenue rose 45% y-o-y to EGP 4.2 bn.

The hotel side of the business had a good quarter: Revenues for the company’s hotels jumped over 100% in 3Q 2023 on the year before to EGP 895 mn.

For the year to date: ODE’s bottom line is up 33% in the first nine months of 2023 from the same period last year to over EGP 2 bn.

EK HOLDING-

EK Holding reported net income of USD 36.1 mn in 3Q 2023, down from USD 63.4 mn in the same quarter last year. Revenues for the quarter came in at USD 201.4 mn, down from USD 273.0 mn in the comparable quarter of 2022. What pundits call a “tough comp” are at play: The company turned in extraordinarily strong numbers when global commodity prices spiked immediately after Russia’s invasion of Ukraine last year.

On a year-to-date basis, the company’s earnings are down, but still above pre-Ukraine war levels: Egypt Kuwait Holding (EKH)’s revenues fell 31% y-o-y to USD 588 mn, after reaching record highs in 9M 2022 as global urea prices reverted to historical averages, the company said yesterday (earnings release | press release, both pdf). Net income for the same period came in at USD 137 mn, down around 50% on the same period last year.

EKH has upped its Egypt investments to USD 200 mn this year: EKH has invested some USD 200 mn in 2023, up from the USD 170 mn it announced earlier in February, according to EKH chairman Loay Jassim Al Kharafi. The funds were allocated to capital expenditure and increasing its holdings in subsidiaries by buying out minority shareholders. The increased investments reflect the firm’s “confidence in the growth potential of EKH’s portfolio companies,” Al Kharafi added.

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