Orascom Development records profits of LE 532.18M in 2020

CAIRO – 16 March 2021: Orascom Development Egypt (ODE) recorded a decline in its consolidated profits during 2020 by 21.6 percent, recording LE 532.18 million, compared to LE 678.66 million in 2019, including minority rights.

The company’s indicators revealed that profits of non-controlling shareholders reached LE 39.14 million in 2020, compared to LE 26.88 million in 2019.

The company’s indicators showed that the revenues hit LE 4.98 billion during 2020, compared to LE 4.66 billion during 2019.

 As per standalone results, Orascom recorded profits of LE 403.8 million in 2020, compared to LE 634.12 million during 2019.

During the first nine months of 2020, Orascom Development achieved profits amounting to LE 357.4, compared to LE501.2 million pounds in the same period of 2019, including the minority rights.

The company’s activity revenues declined during the period to LE 3.26 billion, compared to LE 3.34 billion in the comparative period in 2019.

As for standalone results, it achieved profits of Le 301.4 million during the period from January to last September, compared to profits of LE 403.71 million in the comparative period of 2019, including minority rights.

Orascom Development Egypt operates within the consumer services sector focusing on hotels, resorts and cruise lines with 52 subsidiaries operating across Northern Africa, Middle East and southern Europe.