{"id":655036,"date":"2024-11-12T00:00:00","date_gmt":"2024-11-12T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/11\/12\/orascom-development-e-finance-madinet-masr-report-3q-earnings\/"},"modified":"2024-11-12T00:00:00","modified_gmt":"2024-11-12T00:00:00","slug":"orascom-development-e-finance-madinet-masr-report-3q-earnings","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/11\/12\/orascom-development-e-finance-madinet-masr-report-3q-earnings\/","title":{"rendered":"Orascom Development, E-finance, Madinet Masr report 3Q earnings"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>3Q earnings start trickling in:<\/strong> E-finance, Orascom Development Egypt, and Madinet Masr have all released their 3Q 2024 earnings, showing strong growth across the board.<\/p>\n<p class=\"tag-border-left\">E-FINANCE SEES REVENUES, INCOME RISE- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>State-owned fintech player E-finance saw its net income after non-controlling <\/strong><strong>interest rise 47% y-o-y <\/strong>in 3Q 2024 to record EGP 630.8 mn, it said in its <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/11\/932.pdf\" style=\"\" rel=\"noopener\">e<\/a><a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/11\/932.pdf\" style=\"\" rel=\"noopener\">arnings rele<\/a><a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/11\/932.pdf\" style=\"\" rel=\"noopener\">ase (pdf)<\/a>. Revenues were up 12.7% y-o-y during the quarter to EGP 1.2 bn, driven by its flagship business E-finance Digital Operations which contributed the lion\u2019s share of the company\u2019s revenues for the quarter with EGP 1.1 bn, a 17.1% jump from 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>Growth across the board: <\/strong>The company\u2019s eCards saw a 28.1% jump in revenues to EGP 87.2 mn and eAswaaq recorded EGP 63.7 mn in revenues, up 20% y-o-y. While eKhales saw the biggest jump in revenues, with a 50.8% y-o-y increase to EGP 36.8 mn.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The bigger picture: <\/strong>During the first nine months of the year, the company saw its net income after minority interest rise 21.5% y-o-y to EGP 1.4 bn and its revenues jump 24.5% y-o-y to EGP 3.4 bn on the back of growth across all business sectors. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What they said: \u201c<\/strong>A main pillar of our growth and expansion strategy is the continued investment in new and innovative ways to develop Egypt\u2019s digital landscape. On that front, and after acquiring ownership stakes in Al Ahly Momken and easyCash for Digital Payments last quarter, we have recently launched the first Africa-focused specialized Egyptian e-commerce platform, <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5a78c923-5790-48d1-b5a6-ab1de406caa1\/alexandria-for-industrial-development-to-build-usd-120-mn-worth-of-turnkey-factories-for-foreign-companies.-plus:-united-bank,-fawry,-raya-cx,-easwaaq-%2B-post-for-investment,-trellix\" style=\"\" rel=\"noopener\">ECOM Africa<\/a>, further expanding our reach across the retail sector,\u201d Chairman Ibrahim Sarhan said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ALSO- A new microfinance firm in the making:<\/strong> E-finance will partner with the Micro, Small, and Medium Enterprise Development Agency (MSMEDA), Egypt Post, and Misr Ins. to establish Khatwa Microfinance, which E-finance will hold no more than a 30% stake of, according to an <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/11\/966.pdf\" style=\"\" rel=\"noopener\">EGX disclosure (pdf)<\/a>. The fintech player will reportedly launch the new microfinance outfit by 2Q 2025, <a target=\"_blank\" href=\"https:\/\/www.alborsaanews.com\/2024\/11\/11\/1842178\" style=\"\" rel=\"noopener\">Al Borsa<\/a> writes, citing informed sources.<\/p>\n<p class=\"tag-border-left\">ORASCOM DEVELOPMENT SEES JUMP IN INCOME-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>EGX-listed Orascom Development Egypt (ODE) saw its net income rise 25.7% <\/strong><strong>y-o-y <\/strong>during the third quarter of the year to record EGP 1.3 bn, \u201cmarking a significant milestone for ODE in line with all its impressive achievements,\u201d the company said in its latest <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/11\/933.pdf\" style=\"\" rel=\"noopener\">earnings release (pdf)<\/a>. Revenues for the quarter were up 26% y-o-y to record EGP 5.2 bn as the company\u2019s \u201coperational strength manifested across all business segments.\u201d <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Net real estate sales were up 32.4% y-o-y during the quarter <\/strong>to record EGP 7.4 bn, showing a \u201chealthy uptake.\u201d Net real estate sales are up 76.9% y-o-y for the first nine months of 2024, recording EGP 23.1 bn, with international sales making up around 43% of the figure. El Gouna made up the lion\u2019s share of the real estate developer\u2019s sales for 9M 2024, making up 45% of new sales. It was followed by O West and Makadi Heights, at 38% and 17%, respectively. Continued increases in average selling prices helped push real estate revenue up 43.7% y-o-y to EGP 3.4 bn.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The hospitality sector recorded revenues of EGP 1.1 bn during the quarter<\/strong>, marking a 21.5% y-o-y increase, which the developer attributed to its hotels\u2019 ability \u201cto maintain high occupancy rates and enhance room rates.\u201d <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What about 9M? <\/strong>ODE saw its net income rise 9.9% y-o-y during the first nine months of 2024 to record EGP 2.2 bn, despite incurring a foreign exchange loss of EGP 2.1 bn. Revenues increased 49.3% y-o-y to reach EGP 15.5 bn during the same period. <\/p>\n<p class=\"tag-border-left\">MADINET MASR REPORTS 3Q RESULTS-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Real estate developer Madinet Masr saw a 43% y-o-y increase in net income in 3Q <\/strong><strong>2024<\/strong>, which sat at EGP 1.1 bn, according to the company\u2019s latest <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/11\/955.pdf\" style=\"\" rel=\"noopener\">earnings release (pdf)<\/a>. Its revenues saw a 30.5% y-o-y jump to EGP 2.9 bn, driven by higher contracted sales. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The details: <\/strong>The company saw its gross contracted sales rise 23.5% y-o-y to EGP 11.8 bn during the quarter. Its Sarai projects account for 77.7% of the quarter\u2019s sales, while Taj City made up the remaining 22.3%. It sold some 1.2k units during the quarter, up 19.9% from 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>On a 9M basis: <\/strong>The developer\u2019s net income came in at \u201can all-time high\u201d of EGP 2.6 bn during 9M 2024, marking a 88.9% y-o-y increase. Revenues increased 62.9% y-o-y to reach 7.2 bn during the nine-month period. Gross contracted sales more than doubled during the period to reach EGP 32.7 bn on the back of new project launches. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>E-finance saw its net income after non-controlling interest rise 47% y-o-y<\/p>\n","protected":false},"author":1,"featured_media":655037,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","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":[7208],"tags":[339,302,409,72,7203,256],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-655036","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-watch","tag-e-finance","tag-earnings","tag-earnings-watch","tag-enterpriseam","tag-madinet-masr","tag-orascom-development-egypt","wpautop","entry"],"acf":{"mongo_id":"bcc075e5-5317-47e8-9b4c-49b3de8c00a6","order":"11","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/8\/2566.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Orascom Development, E-finance, Madinet Masr report 3Q earnings","related_issue":[655017],"teaser":"E-finance saw its net income after non-controlling interest rise 47% y-o-y","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/11\/.e957158e-d69a-4e4b-89cc-6d2b2708d195.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, E-finance, Madinet Masr report 3Q earnings - 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\/2024\/11\/12\/orascom-development-e-finance-madinet-masr-report-3q-earnings\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Orascom Development, 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Revenues were up 129% to EGP 3.0 bn for the nine-month period. 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