Orascom Development’s revenues increased by 50% in nine months

Orascom Development - Egypt achieved high results over the nine months of 2021, as the gross profit rose to 1.8 billion pounds, with a margin of 36.4% during the first 9 months of 2021, compared to 954.6 million pounds and a margin of 29.2% in the comparable period last year.< /p>

According to Arabiya Net, this is due to the remarkable growth in all major business sectors of the company. As the world slowly returned to normal life, workplaces reopened, sporting events resumed, and citizens returned to travel, all of these helped contribute positively to the company's operational performance.

The company managed to achieve total revenues of about 4.9 billion pounds, an increase of 50.1%, compared to 3.3 billion pounds during the same period last year.

Comparing the company's business results before the outbreak of the epidemic in the first nine months of 2019, the company witnessed a remarkable growth of 46.6% in total revenues.

It was also able to reduce costs in all areas, and general and administrative expenses decreased by 13.1% to reach 98.1 million pounds in the first nine months of 2021.

EBITDA and non-cash items increased by 106.4% to reach EGP 1.8 billion, compared to EGP 896.7 million for the same period in 2020, and EBITDA increased by 118.6% to reach EGP 1.95 billion, compared to 890.5 million Egyptian pounds during the first nine months of the year 2020.

Interest expenses decreased by 14.7% to reach 201.5 million pounds.

The positive performance was reflected in the company's profits, as the net profit amounted to 1.2 billion pounds in the first nine months of 2021, an increase of 3.4 times compared to 357.4 pounds in the first nine months From 2020.

The company's cash balance amounted to 2.9 billion pounds, and the loan balance amounted to 3.5 billion pounds, and the debt-to-equity ratio reached 0.71 times at the end of September 2021, and the net debt amounted to 581.4 million pounds in 9 months from 2021.

The debt-equity ratio was 0.97 times at the end of 2020, and the loan balance amounted to 3.6 billion pounds, and the net debt was 1.5 billion pounds at the end of 2020.

On the other hand, cash flows increased by 197.6% to reach EGP 1.15 billion compared to the same period last year.