Orascom Development Holding Reports Resilient 9M 2024 Results Amidst Challenges

Orascom Development Holding (ODH) has posted its financial results for the first nine months of 2024, demonstrating solid performance despite geopolitical tensions and economic instability. Revenues increased by 7.6% to CHF 437 million, while adjusted EBITDA rose by 16.5% to CHF 129 million. This growth was supported by a resilient business strategy amidst inflationary pressures.

The real estate sector showed robust growth, with sales up by an impressive 32% to CHF 617 million. Notably, El Gouna witnessed new real estate sales grow by 47.4% to CHF 216.6 million. Meanwhile, net operating profit stood at CHF 7.8 million for Q3 2024, down from CHF 10.2 million in Q3 2023 due to subdued land sales.

However, non-cash foreign exchange losses, mainly due to the devaluation of the Egyptian Pound, affected the financial results, contributing to a net loss of CHF 17.1 million. Despite these challenges, cash from operations surged by 269.2% to CHF 111.5 million, underlining ODH's operational effectiveness.