Cairo – Mubasher: The consolidated net profits of Orascom Development Egypt (ODE) hiked by 239.5% to EGP 1.21 billion during the first nine months of 2021 from EGP 357.39 million in the year-ago period, including minority shareholders' rights.

The company's revenues increased by 50.1% to EGP 4.9 billion in the January-September period of 2021, compared to EGP 3.26 billion in the same period of 2020, according to a bourse filing on Monday.

Meanwhile, the company's adjusted earnings before interest, tax, depreciation, and amortisation (EBITDA) grew by a solid 106.4% year-on-year (YoY) to EGP 1.8 billion in the first nine months of 2021, compared to EGP 896.7 million.

It is noteworthy to mention that during the first half (H1) of 2021, ODE recorded a 342.28% YoY surge in its consolidated net profits, logging EGP 744.58 million, compared to EGP 168.35 million, including minority shareholders' rights.