Orascom Development Egypt reported consolidated net profits of EGP 942.76 million in the first half (H1) of 2024, down from EGP 1 billion in H1-23.
Despite the dip in profits, the company saw its net revenues soar by 64.90% year-on-year (YoY), reaching EGP 10.21 billion in H1-24, compared to EGP 6.19 billion in the previous year, according to its consolidated financial results.
The earnings per share (EPS) for the first six months of 2024 decreased to EGP 0.59, down from EGP 0.78 in H1-23.
Total assets as of 30 June 2024 stood at EGP 47.04 billion, marking an increase from EGP 39.23 billion at the end of December 2023.
Standalone Results:
Orascom Development Egypt, listed on the EGX, returned to profitability in H1-24 with standalone net profits of EGP 484.64 million, compared to standalone net losses of EGP 204.12 million in the first half of 2023.
The profit per share improved to EGP 0.43, a notable recovery from a loss per share of EGP 0.18 in the same period last year. However, non-consolidated revenues dropped YoY to EGP 2.48 billion by 30 June 2024, down from EGP 4.17 billion.
Q2-24 Financials:
In the second quarter (Q2) of 2024, Orascom Development Egypt’s consolidated net profit surged to EGP 1.92 billion, up from EGP 622.12 million in Q2-23.
The company’s revenues also witnessed a significant increase, rising by 86.40% to EGP 6.03 billion in Q2-24, compared to EGP 3.23 billion in the corresponding period last year.
The EPS for Q2-24 jumped to EGP 1.64, up from EGP 0.52 in Q2-23.
Standalone net profits for Q2-24 also saw a remarkable rise, reaching EGP 1.34 billion, compared to EGP 443.40 million a year earlier, while revenues increased to EGP 2.72 billion, up from EGP 1.23 billion.
In the January-March 2024 period, Orascom Development Egypt faced consolidated net losses of EGP 984.50 million, a reversal from a net profit of EGP 384 million in Q1-23.