Orascom Development Egypt H1 net profit soars 342%

Orascom Development Egypt (ODE), a subsidiary of Orascom Development Holding AG (ODH), reported on Monday a 342.28 percent year-on-year jump in net profit for the first half of the year.

Net profit for the six months ended in June reached 744.58 million Egyptian pounds ($47.4 million) from 168.35 million in the same period last year.

Revenues also surged to 2.99 billion at the end of June 2021, from 1.92 billion pounds at the end of June 2020.