Orascom Development Egypt (ODE) (EGX: ORHD.CA) has released its consolidated financial results for Q1 2023. ODE demonstrated robust business execution across all segments despite being impacted by FX losses due to the devaluation of Egyptian Pound (EGP) currency. Growing its total revenues by 52.8% to EGP 3.0 billion and its net real estate sales by 35.9% to EGP 2.7 billion.
Key Highlights of Q1 2023 vs. Q1 2022
▪ Total revenues increased by 52.8% to EGP 3.0 billion, with strong growth in recurring income business.
▪ Adj. EBITDA up 61.8% to EGP 1.2 billion with a margin of 39.5%.
▪ Net profits reached EGP 384.0 million in Q1 2023 despite being affected by EGP 477.7 million FX losses due to the devaluation of EGP.
▪ Our hotels surpass pre-pandemic levels, with revenues up 120.0% to EGP 573.2 million.
▪ Net real estate sales for Q1 2023 up 35.9% to EGP 2.7 billion, the highest Q1 sales figure in ODE’s history.
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