Egypt’s Orascom Development profits rise by 57.7% in Q2

Egypt’s Orascom Development profits rose by 57.7 percent during the second quarter of 2023 to 622.1 million Egyptian pounds, up from 394.5 million pounds recorded in Q2 of 2022, the company said on Tuesday.

The company’s revenues rose during the period from April to June by around 71.7 percent to reach 3.23 billion pounds, up from 1.88 billion pounds recorded in the same period the year before.

During the first half (H1) of 2023, the company recorded profits of more than one billion pounds, up from 858.2 million pounds during the same half in 2022.

The company also said that its real estate sale reached 7.5 billion pounds, during the H1 of 2023, rising by 59.9 percent from the year before, adding this half’s sales are the highest recorded in its history.