Orascom Development Egypt (ODE) started the year on solid grounds with strong operational and financial results despite the headwinds from the Russian-Ukrainian conflict and the economic backdrop in Egypt, especially after the Central Bank of Egypt’s (CBE) decision to devalue the EGP against foreign currencies. The strong growth during the first quarter (1Q) of the …
The company’s EBITDA reached EGP 2.5bn, an 82.0% increase vs. EGP 1.4bn in 2020. EBITDA also increased by 81.5% to EGP 2.3bn compared to EGP 1.3bn in FY 2020. Finance costs decreased by 16.9% to EGP 269.5 million in FY 2021 as we decided to pay back all leases in El Gouna and thus generated more savings. Net profits reached EGP 1.3bn in FY 2021 up 2.3x compared to EGP 571.3bn in FY 2020.
El Gouna recorded EGP 3.05bn in sales, Makadi Heights achieved 854.7m, while O West sales recorded 2.3bn in 9M 2021 Orascom Development Egypt (ODE), real estate sales rose to EGP 6.2bn in the first 9 months of 2021 (9M 2021), increasing by 43.4% compared to same period in 2020, the company revealed on Tuesday. New …
Company reported strong performance for the quarter compared to same quarter of previous year
In a press statement on Monday, ODE said that it intends to use the proceeds to refinance its outstanding balances of debt to relieve the company from upcoming debt commitments, worth up to $215m.
Company’s sees decreased gross profit due to pandemic affecting business operations since late February
El Hamamsy joins ODE from McKinsey & Company, where he is Senior Partner at their Middle East office, having previously been at the company’s Belgium office. In his 18 years at McKinsey, he has led many practices, including Travel and Transport.
NIS Schools will apply blended learning system featuring online, traditional face-to-face learning
Group generated more savings in finance costs in 1Q 2020, with interest costs decreasing 33.1% to EGP 79.6m
We expect demand in second homes segment to suffer most due to global health pandemic, says Elsaadany
ODE said the gradual reopening plans will ensure all hotels in El Gouna will be open for business by 21 May, with its Taba Heights Hotels to also reopen on 21 May.
Company achieves EGP 6.9bn net sales
Dividends distribution not expected in 2019, but could be possible in 2020
According to the statement, the sale will result in cash proceeds of $2m which will be directed to finance the group’s expansion plans.
Celia main driver behind TMGH sales boom, Gouna occupancy, Makadi project boosted ODE’s performance, says Beltone
