{"id":610037,"date":"2023-11-14T00:00:00","date_gmt":"2023-11-14T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/11\/14\/orascom-development-egypt-and-ekh-release-3q-figures\/"},"modified":"2023-11-14T00:00:00","modified_gmt":"2023-11-14T00:00:00","slug":"orascom-development-egypt-and-ekh-release-3q-figures","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/11\/14\/orascom-development-egypt-and-ekh-release-3q-figures\/","title":{"rendered":"Orascom Development Egypt and EKH release 3Q figures"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ODE had a strong quarter, backed by record sales:<\/strong> 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 <a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/11\/699.pdf\" style=\"\" rel=\"noopener\">earnings release (pdf)<\/a> 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.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The hotel side of the business had a good quarter: <\/strong>Revenues for the company\u2019s hotels jumped over 100% in 3Q 2023 on the year before to EGP 895 mn. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>For the year to date: <\/strong>ODE\u2019s bottom line is up 33% in the first nine months of 2023 from the same period last year to over EGP 2 bn.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>EK HOLDING-<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>EK Holding reported net income of USD 36.1 mn in 3Q 2023<\/strong>, 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 \u201ctough comp\u201d are at play: The company turned in extraordinarily strong numbers when global commodity prices spiked immediately after Russia\u2019s invasion of Ukraine last year. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>On a year-to-date basis, the company\u2019s earnings are down, but still above pre-Ukraine <\/strong><strong>war<\/strong><strong> levels: <\/strong>Egypt Kuwait Holding (EKH)\u2019s revenues fell 31% y-o-y to USD 588 mn, after <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/93f542f1-4705-4e86-bcb0-f52130e366f4\" style=\"\" rel=\"noopener\">reaching record highs in 9M 2022<\/a> as global urea prices reverted to historical averages, the company said yesterday (<a target=\"_blank\" href=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/ekh\/EKH-9M2023-ER-FINAL.pdf\" style=\"\" rel=\"noopener\">earnings release<\/a> | <a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/11\/649.pdf\" style=\"\" rel=\"noopener\">press release<\/a>, both pdf). Net income for the same period came in at USD 137 mn, down around 50% on the same period last year.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>EKH has upped its Egypt investments to USD 200 mn this year:<\/strong> EKH has invested some USD 200 mn in 2023, up from the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ac2860aa-65df-4ec9-aa79-a76a1d369cdf\" style=\"\" rel=\"noopener\">USD 170 mn<\/a> 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\u2019s \u201cconfidence in the growth potential of EKH\u2019s portfolio companies,\u201d Al Kharafi added.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[11768],"tags":[1668,72,256],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-610037","post","type-post","status-publish","format-standard","hentry","category-earnings-watch-2","tag-egypt-kuwait-holding","tag-enterpriseam","tag-orascom-development-egypt","wpautop","entry"],"acf":{"mongo_id":"2c8aad17-a832-422f-8ac9-42d9490786da","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/11\/705.jpgbr!_StoryDek_!%20Orascom%20Development%20Egypt%20logged%20its%20highest-ever%20quarterly%20net%20sales","photo_position":"above","homepage_title":"","full_issue_title":"Orascom Development Egypt and Egypt Kuwait Holding release 3Q 2023 results","related_issue":[610017],"teaser":"","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/11\/.320b9c94-b892-4d74-a230-8e190c52cd8e.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Orascom Development Egypt and EKH release 3Q figures - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2023\/11\/14\/orascom-development-egypt-and-ekh-release-3q-figures\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Orascom Development Egypt and EKH release 3Q figures\" \/>\n<meta property=\"og:description\" content=\"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 [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2023\/11\/14\/orascom-development-egypt-and-ekh-release-3q-figures\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2023-11-14T00:00:00+00:00\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/11\/14\/orascom-development-egypt-and-ekh-release-3q-figures\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/11\/14\/orascom-development-egypt-and-ekh-release-3q-figures\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Orascom Development Egypt and EKH release 3Q figures\",\"datePublished\":\"2023-11-14T00:00:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/11\/14\/orascom-development-egypt-and-ekh-release-3q-figures\/\"},\"wordCount\":342,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"keywords\":[\"Egypt Kuwait Holding\",\"EnterpriseAM\",\"Orascom Development Egypt\"],\"articleSection\":[\"EARNINGS WATCH-\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/11\/14\/orascom-development-egypt-and-ekh-release-3q-figures\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2023\/11\/14\/orascom-development-egypt-and-ekh-release-3q-figures\/\",\"name\":\"Orascom Development Egypt and EKH release 3Q figures - 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Real estate players continued to post strong results, as have food, investment, automotive, consumer finance and payments players. Here\u2019s the rundown:EDITA Edita Food Industries reported record net income and revenues in 3Q 2022 on the back of stronger\u2026","rel":"","context":"In &quot;EARNINGS WATCH&quot;","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/11\/241.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":586626,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/15\/qalaa-revenues-more-than-double-in-2022-on-record-refining-margins-plus-cib-ode-report-1q23-earnings\/","url_meta":{"origin":610037,"position":2},"title":"Qalaa revenues more than double in 2022 on record refining margins. 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