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Orascom Development Egypt’s (ODE) net income rose 10.5% y-o-y in 2024, coming in at EGP 3.4 bn, according to the company’s latest earnings release (pdf). When excluding EGP 1.8 bn in FX losses that pulled down the company’s bottom line, net income for the 12-month period increased 55.5% y-o-y to EGP 5.3 bn.
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Revenues rose 42.2% y-o-y during the same period, clocking in at EGP 21.8 bn. The company’s real estate revenues made up more than half of the overall figure, coming in at EGP 12.9 bn and marking a 28.5% y-o-y increase. International sales made up 41% of the year’s real estate sales. Revenues from hotels — its second largest segment — rose 41.6% to EGP 4.3 bn. Driving the increase was a 317.5% y-o-y rise in revenue from its land segment to EGP 1.6 bn, as well as revenue from commercial assets rising 58.4% y-o-y to EGP 3.0 bn.
Breaking down real estate revenues: O West made up the lion’s share of the real estate developer’s sales for the year, making up 39%. It was followed by El Gouna at 38% and Makadi Heights at 23%. “We have successfully increased our average selling prices per square meter across all destinations,” the release read.
On a quarterly basis, net income rose 11.6% y-o-y in 4Q 2024 to EGP 1.2 bn, which the company attributed to growth across all its segments and a EGP 370 mn land sale in El Gouna. Revenues increased 27.4% y-o-y to EGP 6.3 bn during the quarter, with revenues from real estate rising 3.3% y-o-y to EGP 3.8 bn and those from hotels rising 78.8% y-o-y to EGP 1.4 bn. In addition, revenues from commercial assets jumped 58.9% y-o-y to EGP 903.7 mn, and those from land sales reached EGP 312.1 mn, up from only EGP 3.1 mn in the same period last year.
What they said: “Our resilient and diversified business model has been crucial in mitigating the negative effects of inflation that have impacted numerous sectors. This accomplishment underscores our steadfast commitment to innovation and operational efficiency, which have proven essential in navigating the complexities of the market,” the company said in the release.
