Orascom Development Egypt, the prominent subsidiary of Orascom Development Holding (ODH), owned by Egyptian billionaire Samih Sawiris, has reported a stellar financial performance, shattering records by exceeding the $630 million revenue mark at the close of the group’s 2023 fiscal year.
According to recently released financial results, Orascom Development Egypt witnessed an outstanding 74.9-percent surge in revenue for the year 2023, climbing from EGP11.1 billion ($360 million) in 2022 to an impressive EGP19.5 billion ($631 million).
The exceptional performance was particularly notable in the fourth quarter of 2023, where sales skyrocketed by 65.9 percent year-on-year, reaching EGP6.4 billion ($207.1 million). This coincides with the Egyptian Government’s economic recalibration, resulting in a substantial increase in household disposable income and a heightened demand for real estate assets.
Orascom Development CEO Omar El-Hamamsy emphasizes resilience and growth
Omar El-Hamamsy, the group CEO of Orascom Development, expressed satisfaction with the outstanding revenue figures and financial performance. He stated, “We swiftly adapted our plans and accelerated construction to mitigate the impact of the inflationary environment. Despite geopolitical tension and economic pressure, we look forward to growing our leadership position in 2024.”
El-Hamamsy highlighted the resilience of their business model, attributing the robust results to strong average daily rates, persistent leisure demand, and increased occupancy rates.
Orascom Development Egypt: A powerhouse in Egypt’s real estate sector
Orascom Development Egypt, predominantly owned by Orascom Development Holding, operates within the orbit of businesses associated with Egypt’s wealthiest family, the Sawiris family.
Founded in 2008 by Samih Sawiris after merging Orascom Projects for Touristic Development and Orascom Hotels and Development, the company has maintained a significant presence in the real estate sector.
After nearly three decades at the helm of the property development giant, Sawiris, a prominent figure among Egypt’s wealthiest individuals, announced his decision to step down as the chairman of Orascom Development Holding AG in December 2021. Despite this change in leadership, the company continues to thrive, setting new benchmarks in the fiscal year 2023.
