Orascom Development records profits of LE 705.2M in 2019

CAIRO – 12 April 2020: Orascom Development Egypt (ORHD) recorded a 41-percent- increase of its profits during 2019, hitting LE 705.19 million in 2019, compared to LE 500.19 million, including minority rights, in 2018.

The company noted in a filing to the Egyptian Exchange (EGX) that its revenues during the year reached LE 4.66 billion, compared to LE 3.35 billion in 2018.

As per standalone profits, the company recorded profits of LE 634 million during 2019, compared to LE 153.7 million in 2018.

The company hit profits of LE 501.2 million during the first nine months of 2019, compared to LE 274.06 million, including minority rights, in 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.