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ORHD’s profits cross the 3 billion threshold in 2024
Despite EGP 1.8 billion in FX losses and strong inflationary pressures, Orascom Development Egypt (ORHD) achieved a net profit of EGP 3.4 billion in 2024, reflecting a 10.5% YoY growth rate, it said in its latest earnings release.
The firm’s adjusted net profit, after excluding FX losses, increased 55.5% YoY to reach EGP 5.3 billion during the twelve-month period. |
Highlights for 2024
Total revenues increased 42.2% YoY to EGP 21.8 billion.
International sales are growing
International sales remain a significant component of ORHD’s strategy, making up nearly 41% of the company’s real estate sales in FY 24, an increase from 37% in FY 23.
Among the company’s projects, O West is the largest contributor, accounting for 39% of total sales, followed by El Gouna at 38%, and Makadi Heights at 23%.
The plan for 2025
For El Gouna, the company is looking to deliver 394 units in 2025, compared to the 371 units it sold in 2024, it said in a separate release.
Additionally, ORHD is making strides in construction to add 29 new rooms to Casa Cook Hotel, with plans to complete the expansion this year.
Meanwhile, for O West, the company projects delivery of over 1,300 units in 2025, following the handover of 1,015 units during FY 2024.
Remember
ORHD was among the six firms added in February to the EGX30 index (which comprises the most highly capitalized and liquid stocks traded on the Egyptian Exchange) after the bourse completed its semi-annual periodic review of market indices. |
Adjusted EBITDA experienced a rise of 62.5% to EGP 9.3 billion, resulting in a margin of 42.9%.Al Organi group acquires over 26% of Atqa
Al Organi Group’s ODI has just snapped up a 26.25% stake in Misr National Steel (Atqa) for EGP 1.9 billion, according to a recent statement.
With the deal still waiting for regulatory green lights and due diligence, Atqa’s value has been pegged at EGP 7.2 billion. The steel maker’s stock value rose over 13% by market close yesterday on news of the agreement. |
The acquisition is part of Al Organi’s plan to level up its game by teaming up with big industrial players like El Garhy Group, the parent company of Atqa.
The two firms are also eyeing opportunities to collaborate in the chemical and building materials sectors, which ties into Egypt’s localization push.
About Organi
Al Organi Group invests in a range of companies across various sectors, including construction, building and real estate, ready-mix concrete, export, trade, transportation, hospitality, tourism, and maintenance. It is one of the largest holding groups in Egypt.
Al Organi Group’s CEO noted in an interview with Asharq Business earlier this month that the company plans to invest USD 1 billion in the automotive and tourism sectors over the next five years, with the capital split equally between the two industries.
The group also intends to expand its construction and contracting division by 150%, aiming to grow its value from USD 2 billion to USD 5 billion. |
What else is clapping?
- The International Monetary Fund (IMF) has approved the fourth review of Egypt’s USD 8 billion loan program, clearing the inflow of USD 1.2 billion to the country — the largest tranche yet.
Dr. Mohamed Maait, Executive Director at the IMF, confirmed the approval and said the funds will be received in the coming days.
The IMF’s Board also approved an additional USD 1.3 billion in long-term, low-cost climate funding under the IMF’s Resilience and Sustainability Facility, Maait told Youm7 in an interview.
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