Back to the complete issue
Monday, 13 April 2020

Earnings watch: Orascom Development Egypt, Amer Group report 2019 results

EARNINGS WATCH- Orascom Development Egypt’s (ODE) profits rose 41.1% y-o-y to EGP 705.6 mn in 2019, according to the company's earnings release (pdf). ODE’s consolidated revenue rose 38.8% last year to EGP 4.7 bn up from EGP 3.3 bn in 2018 on the back of real estate sales soaring 202.5% y-o-y to a record EGP 6.9 bn. Sales in O West, ODE’s first residential development project, drove much of the increase, contributing to 62.4% of total sales.

Amer Group’s profits fell 24.5% in 2019 to EGP 56.4 mn from EGP 74.7 mn the year prior, according to an EGX disclosure (pdf). The company’s revenues also dipped to EGP 1.5 bn in 2019 from EGP 1.9 bn in 2018.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Etisalat Misr (tax ID: 235-071-579), the leading telecoms provider in Egypt; and Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt.