Oracom Development records profits of LE 111.33M in Q1 2019

CAIRO – 12 May 2019: Orascom Development Egypt (ODE) recorded a 34 percent-increase in its consolidated profits during the first quarter of 2019, recording LE 111.33 million, compared to LE 83.08 million during the same quarter of 2018.

The company’s revenues rose to LE 837.64 million during January-March 2019, compared to LE 654.91 million during the same period of 2018, according to the company’s financial indicators.

As per standalone results, the company turned into profitability by LE 27.48 million during the first quarter of 2019, compared to a loss of LE 45.95 million during the first quarter of 2018.

In 2018, Orascom Development recorded profits of LE 500.19 million, compared to LE 391.9 million in 2017 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.