Orascom Development Egypt has released its consolidated results for Q3 2024

ODE reported remarkable results during 9M 2024: real estate sales reached a record EGP 23.1 billion, a 77% increase. Revenues surged by 49% to EGP 15.5 billion, and despite EGP 2.1 billion in FX losses, ODE achieved a net profit of EGP 2.23 billion, reflecting 10% growth.

Key Highlights of Q3 2024 vs. Q3 2023

             Total revenues elevated by 26.0% to EGP 5.2 billion

             Adj. EBITDA increased by 26.1% to EGP 2.1 billion with a margin of 40.3%

             Net profits increased by a solid 25.7% to EGP 1.3 billion 

             Net real estate sales increased by 32.4% to EGP 7.4 billion

Key Highlights of 9M 2024 vs. 9M 2023

             Total revenues increased by 49.3% to EGP 15.5 billion

             A significant increase was shown in Adj. EBITDA by 68.1% to EGP 6.7 billion with a margin of 43.2%, demonstrating our operational excellence 

             Net profit increased by 9.9% to EGP 2.23 billion, while adjusted net profit, after excluding FX losses, increased by 89.6% to EGP 4.3 billion 

             Our hospitality revenues elevated by 29.1% to EGP 2.9 billion despite the challenging market environment 

             Net real estate sales went up by 76.9% to EGP 23.1 billion, recording the highest sales figure in ODE’s history 

             Signed a USD 155 million in debt financing with the International Finance Corporation (IFC)

             Our cash balance reached EGP 7.3 billion, and our foreign currency cash stood at USD 82.3 million

             Cash flow from operations increased by 372.5% to EGP 4.9 billion, showcasing our unwavering operational excellence 

Throughout 2024, ODE has sustained its positive momentum, achieving impressive financial and operational outcomes despite a foreign exchange loss of EGP 2.1 billion. Our robust and diversified business model has adeptly mitigated the impact of inflationary pressures, primarily attributable to our unwavering dedication to innovation and operational efficiency in overcoming challenges. The tangible results of our enhanced operational capabilities are evident in the growth of revenues, adjusted EBITDA, net profit, and all our margins.

Financial Review: 

Q3 2024:

With solid operating and financial results, ODE's third quarter highlights our adept execution capabilities and resilience in the face of significant challenges. 

             Total revenue: In Q3 2024, revenues increased by 26.0% to EGP 5.2 billion. Our operational strength manifested across all business segments, with a 43.7% increase in real estate revenues and 31.4% for recurring income segments.

             Gross profit: The quarter's gross profit rose by 15.8% to EGP 1.9 billion, with a gross margin of 36.1%.

             Adj. EBITDA improvement: Adjusted EBITDA elevated by 26.1% to EGP 2.1 billion, boasting a 40.3% margin. 

             Strong net income performance: Furthermore, in alignment with these achievements, the company's net profit was up by 25.7% to EGP 1.3 billion, marking a significant milestone for ODE in line with all its impressive achievements.

9M 2024:

ODE has reported robust nine-month results, demonstrating significant growth despite all the challenges. 

             Revenue growth: An outstanding increase of 49.3% to reach EGP 15.5 billion vs. 9M 23.

             Real estate revenue: increased by a solid 43.0% to EGP 9.1 billion compared to 9M 23, with a margin of 42.4%. 

             Recurring income segments: ODE experienced exceptional growth in recurring income segments, such as hotels and commercial assets, contributing EGP 5.0 billion to total revenue, marking an impressive 39.7% increase versus 9M 23.

             Gross profit: Soared by 60.8% to EGP 6.1 billion, boasting a healthy margin of 39.3% vs. 36.5% in 9M 23. This improved performance underscores our operational excellence and the positive impact of key strategic initiatives such …