Thndr Claps » EGY Claps » Earnings 📈 » Orascom Development’s profits increases in Q1-2022 🏨
The ClapThe company achieved net profits of EGP 463.7 million from January 2022 to March 2022, a 5.7% increase on an annual basis.
The deetsThe company’s revenues also increased to reach EGP 1.93 billion by the end of March 2022, compared to EGP 1.46 billion in the same period in 2021.
Profit driversIn a statement, the company attributed the increase to significantly speeding up construction operations.
The improvement in its hotel management segment also played a role, as its revenues increased by 50.5% on an annual basis, to reach EGP 276.1 million.
Orascom development projects include El Gouna, O-West, Makadi Heights, & Taba Heights.
For Orascom’s full earnings release, click here.
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