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Orascom Development Egypt sees 6% higher profits in Q1-22

Orascom Development Egypt sees 6% higher profits in Q1-22
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Orascom Development Egypt
ORHD
-6.53% 11.03 -0.77

Cairo – Mubasher: The consolidated net profits of Orascom Development Egypt (ODE) rose by 5.7% to EGP 463.70 million in the first quarter (Q1) of 2022, compared to EGP 438.46 million in the same period of 2021, including minority shareholders' rights.

The company's revenues jumped by 32.3% year-on-year (YoY) to EGP 1.93 billion in Q1-22 from EGP 1.45 billion, according to a bourse filing on Wednesday.

As for standalone businesses, the company's net profits retreated to EGP 354.63 million in the January-March period of 2022 from EGP 370.02 million in the year-ago period.

It is noteworthy to mention that in 2021, the consolidated net profits of ODE jumped by 130% to EGP 1.31 billion from EGP 571.32 million in 2020.