Orascom Development records 45.2% profit increase in 2022

Orascom Development Egypt (ODE) has recorded a net profit up 45.2 percent to record 1.9 billion Egyptian pounds over the past year, against nearly 1.3 billion pounds in 2021, according to its filling to EGX on Sunday.

The company has also reported its total revenues of about 10.3 billion pounds, up from 7.1 billion pounds last year, recording 45.6 percent increase, with strong growth in recurring income business.

ODE stated that its real estate sales increased by 20.7 percent during the period, to record about 11.1 billion pounds, according to the report.

Meanwhile, the hotel sector revenues rose by 80.6 percent in 2022 to reach 1.6 billion pounds, supported by the increase in the number of foreign tourists.