Data Source: ORHD earning release
Quick Highlights:
Net profit spikes +209% to EGP 1.927 billion in Q2/2024.
Makadi sales surge +112% to EGP 2.210 billion in H1/2024.
OWEST sales up ++57.6% to EGP 5.6 billion in H1/2024.
El Gouna Hotels revenues increase by +50.8% to EGP 1.797 billion in H1/2024.
El Gouna Real estate sector sales jump +172% to EGP 7.836 billion in H1/2024.
Inside Data
Orascom Development Egypt (ORHD) revealed its first half and second quarter earnings for 2024 today. In Q2/2024, the company saw a remarkable surge in net profit by +209%, totaling EGP 1.927 billion compared to EGP 622.1 million.
For the first half of 2024, net profit stood at EGP 942.7 million, showing a slight decrease from EGP 1.006 billion in the same period last year.
Notable highlights include Makadi Sales, which soared by +112% to EGP 2.210 billion from EGP 1.042 billion. The number of contracted units rose to 292 compared to 204, with the average selling price per meter increasing to EGP 67,771 from EGP 43,937.
OWEST Sales also surged by +57.6% to EGP 5.6 billion from EGP 3.553 billion, with the average selling price per meter hitting EGP 86,008, a 63.8% increase.
El Gouna Hotels saw revenues rise by +50.8% to EGP 1.797 billion from EGP 1.192 billion. In the real estate sector, sales spiked by +172% to EGP 7.836 billion from EGP 2.880 billion, and contracted units increased to 185 from 132.
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