Thursday 14 Nov
Orascom Development Egypt has announced significant growth in its recurring revenue, primarily driven by its hotel and commercial assets. These segments contributed 5 billion Egyptian pounds to the company's total revenue during the January to September period of this year, reflecting a 39.7% increase compared to the same period in 2023.
According to the company's latest financial results, gross profit surged by 60.8% to reach 6.1 billion Egyptian pounds, with a profit margin of 39.3% compared to 36.5% in the first nine months of 2023.
Orascom Development Egypt noted
that finance costs increased by 68.8% to 1.3 billion Egyptian pounds due to the
rise in interest rates in Egypt.
In the third quarter alone, total revenue jumped by 26% to reach 5.2 billion Egyptian pounds. Additionally, earnings before interest, taxes, depreciation, and amortization (EBITDA) rose by 26.1% to 2.1 billion Egyptian pounds, with an operating profit margin of 40.3%.
