Orascom Development records profits of LE 744.58M in H1 of 2021

CAIRO – 16 August 2021: Orascom Development Egypt (ODE) recorded a surge in its consolidated profits during the first half of 2021 by 342.28 percent, recording LE 744.58 million, compared to LE 168.35 million in the same period of 2020.

The company’s indicators revealed that the profits of the parent company's shareholders amounted to about LE 686.22 million at the end of June, compared to profits of LE 180.95 million during the same period last year.

It added that profits of non-controlling shareholders reached LE 58.36 million in the 2021 period, compared to LE 12.59 million in 2020 period.

The company’s indicators showed that the revenues hit LE 2.99 billion during the first half of 2021, compared to LE 1.92 billion during the same period of 2020.

As per standalone results, Orascom recorded profits of LE 550.53 million in the first six months of 2021, compared to LE 206.33 million during the same months of 2020.

Orascom Development Egypt achieved, during the first quarter of 2021, a net profit of LE 438.46 million, compared to LE 91.85 million in profits during the same quarter last year, taking into account minority rights.

Orascom Development Egypt operates within the consumer services sector focusing on hotels, resorts and cruise lines with 52 subsidiaries operating across Northern Africa, Middle East and southern Europe.