Orascom Development achieves profits of LE501.2M in 9 months

CAIRO – 13 November 2019: Orascom Development Egypt (ODE) recorded an 83-percent increase in its consolidated profits during the first nine months of 2019, recording LE 501.2 million, compared to LE 274.06 million during the same period of 2018.

The company’s revenues rose to LE 3.34 billion during January-September 2019, compared to LE 2.39 billion during the same period of 2018, according to the company’s financial indicators.

During the third quarter of 2019, the company hit profits of LE 107.44 million, up from LE 89.4 million during the same quarter of 2018.

The standalone results turned into profitability by LE 403.7 million during the first nine months of 2019, compared to a loss of LE 119.27 million during the same period of 2018.

The company achieved profits of LE 393.7 million during the first six months of 2019, up from LE 184.6 million, including minority rights, during the same period of the previous year.

In 2018, Orascom Development recorded profits of LE 500.19 million, compared to LE 391.9 million in 2017 including 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.