Cairo – Mubasher: Orascom Development Egypt (ODE) recorded a 342.28% year-on-year (YoY) hike in its consolidated net profits, logging EGP 744.58 million in the first half (H1) of 2021, compared to EGP 168.35 million, including minority shareholders' rights. 

The revenues surged to EGP 2.99 billion in the six-month period ended 30 June from EGP 1.92 billion in the prior-year period, the company said in a bourse disclosure on Monday. 

As for standalone business, ODE achieved net profits of EGP 550.53 million in H1-21, up from EGP 206.33 million in H1-20. 

During the first quarter (Q1) of 2021, ODE reported net profits of EGP 438.46 million, up from EGP 91.85 million in Q1-20, including minority shareholders’ rights.