Egypt: Orascom’s profits surge amid tourism, real estate boom
Egypt’s Orascom Development reported today that its net profit increased by 27.9 percent in the second quarter of the year compared to the same period last year, owing to “strong growth” in the real estate and tourism sectors.
According to the company, net profit increased to 391.5 million Egyptian pounds in the second quarter of 2022, up from 306.1 million pounds in the second quarter of 2021.
Earnings before interest, taxes, depreciation, and amortization, as well as non-cash items, increased 18.5 percent to 667.7 million pounds in the second quarter, up from 563.4 million pounds the previous year.
Total revenue increased by 23 percent to 1.9 billion pounds, up from 1.5 billion pounds a year ago, and total profit increased by 17.5 percent to 631.9 million pounds, up from 538 million pounds a year ago.
In addition, the group stated that its real estate sector achieved sales of 4.7 billion pounds in the first half of 2022, a 16.9 percent increase, the “highest semi-annual sales achieved in the company’s history.”
On a quarterly basis, the company achieved 2.7 billion pounds during the second quarter of the year, a 39.4 percent increase from 1.9 billion pounds the previous year.
Furthermore, the group’s hotel sector activity expanded in Egypt as well, with revenues increasing by 147.6 percent to 633.2 million pounds, aided by an increase in international travel activity.