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Monday, 20 March 2023

ODE notches record earnings in 2022

Orascom Development Egypt’s (ODE) net income rose 45% y-o-y to a record EGP 1.9 bn in 2022, according to its earnings release (pdf). Revenues increased 46% to EGP 10.3 bn during the period. ODE attributed the figures to rising property prices, which caused real estate revenues to rise 42% y-o-y to EGP 7.3 bn, as well as improved performance from its hotel and town management segments.

Net real estate sales hit an all-time high during the year, rising 21% y-o-y to EGP 11.1 bn — the highest sales figures in ODE’s history — after the company hiked prices by up to 25%. O West accounted for more than half the new sales, followed by El Gouna and Makadi Heights, which contributed 40% and 8% of sales, respectively.

The group’s hotel portfolio and town management segment recorded strong growth: The hotel segment reeled in revenues of EGP 1.6 bn in 2022, up 81% y-o-y, while the town management segment saw a 36% increase in revenues, which came in at EGP 1.4 bn.

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