Orascom Development Egypt, the prominent subsidiary of Orascom Development Holding (ODH), owned by Egyptian billionaire Samih Sawiris, has reported a remarkable net profit of $63.52 million at the end of its 2023 fiscal year.
This figure, revealed in the company’s recent annual report, reflects a strong 63.5-percent increase from the previous year, driven by outstanding sales performance totaling EGP19.4 billion ($397.55 million). Despite facing tough market conditions, the real estate giant showcased resilience and flexibility, achieving this significant milestone.
Omar El-Hamamsy, Orascom Development CEO, expresses confidence in future growth plans
Omar El-Hamamsy, the CEO of Orascom Development, expressed satisfaction with the outstanding financial results, highlighting the company’s resilience during testing times. He emphasized their agility in responding to market changes and announced strategic plans for the current fiscal year, aiming to accelerate growth, enhance business efficiency, and generate additional shareholder value.
In a statement, El-Hamamsy said, “We have shown remarkable resilience in testing times, and our agility in responding swiftly to changing market conditions has allowed us to maintain our growth trajectory. As we continue to monitor market dynamics, we are confident that our experience and strength will allow us to navigate any future challenges successfully.”
Speaking about the company’s strategic plans for 2024, El-Hamamsy added, “In 2024, we plan to accelerate profitable growth, create a more agile and cost-efficient business, and generate additional shareholder value. We will continue to follow our successful strategy from previous cycles, and we are confident that our unwavering commitment to excellence will enable us to achieve our goals.”
Orascom Development Egypt: Navigating success amidst leadership transition
Orascom Development Egypt, majority 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.
