Table of Contents
Key Points
- ODE’s revenue soared 41.91% to $430.58 million in 2024, driven by record real estate sales and strong recurring income contributions.
- Property sales hit $641 million, with international buyers making up 41%. El Gouna, O West, and Makadi Heights fueled the growth.
- Despite FX losses, net profit rose 10.45% to $68.05 million. Adjusted net profit jumped 55.5% to $104.68 million.
Orascom Development Egypt (ODE), a subsidiary of Orascom Development Holding (ODH) and part of Egyptian billionaire Samih Sawiris’ business empire, delivered a solid financial performance in 2024. The company’s revenue surged to $430 million, strengthening its market position despite foreign exchange losses.
Revenue growth and profitability
ODE’s revenue jumped 41.91 percent to EGP21.8 billion ($430.58 million), up from EGP15.33 billion ($302.72 million) in 2023, driven by record-breaking real estate sales and strong contributions from its recurring income segments.
Despite taking a foreign exchange hit of EGP1.8 billion ($35.56 million), the company increased its net profit by 10.45 percent to EGP3.45 billion ($68.05 million), up from EGP3.12 billion ($61.61 million). Without FX losses, adjusted net profit rose 55.5 percent to EGP5.3 billion ($104.68 million), reflecting ODE’s strong operational performance.
Record-breaking real estate and hospitality growth
The real estate segment saw an all-time high in sales, climbing 67 percent year-over-year to EGP32.5 billion ($641 million), with international buyers accounting for 41 percent. Flagship projects O West, El Gouna, and Makadi Heights were key drivers of this growth.
El Gouna led with EGP12.4 billion ($257 million) in sales, a 63.8 percent increase, while its average selling price per square meter surged 81.2 percent to EGP233,250 ($4,834). O West followed with EGP12.5 billion ($259 million), up 37.3 percent, while Makadi Heights recorded the highest growth at 178.4 percent, reaching EGP7.5 billion ($155 million).
The hospitality division also set new records, growing 41.6 percent to EGP4.3 billion ($85 million), despite global tourism challenges. Hotels in El Gouna led the way with a 71 percent occupancy rate and a 57.7 percent increase in average room rates. Strategic land sales contributed an additional EGP1.6 billion ($32 million), including a 110,000-square-meter deal with Hassan Allam Properties for $34.7 million.
A legacy in Egyptian real estate
ODE is a key part of the Sawiris family’s real estate and tourism portfolio. Founded in 2008 by Samih Sawiris through the merger of Orascom Projects for Touristic Development and Orascom Hotels and Development, the company has grown into a major player in Egypt’s property market.
By the end of 2024, ODE maintained a cash balance of EGP7.4 billion ($146.17 million) and a net debt of EGP2.8 billion ($55.31 million), underscoring its financial resilience. Total assets climbed 29.2 percent to EGP50.7 billion ($1 billion), while equity rose 31.8 percent to EGP13.14 billion ($259.46 million).
