Orascom Development Egypt, a notable subsidiary of Orascom Development Holding (ODH), controlled by Egyptian billionaire Samih Sawiris, recorded a stunning net profit of $63.52 million at the end of the fiscal year 2023.
This amount, reported in the company’s recent annual report, represents a robust 63.5% rise over the previous year, driven by outstanding sales performance of EGP19.4 billion ($397.55 million). Despite challenging market conditions, the real estate behemoth demonstrated resilience and flexibility in reaching this critical milestone.
Omar El-Hamamsy, CEO of Orascom Development, expressed his happiness with the great financial performance, emphasizing the company’s tenacity amid difficult circumstances. He stressed their ability to respond quickly to market developments and announced strategic initiatives for the current fiscal year, which include accelerating growth, improving business efficiency, and increasing shareholder value.
In a statement, El-Hamamsy stated, “We have demonstrated incredible resilience in trying circumstances, and our agility in responding quickly to shifting market conditions has helped us to sustain our growth trajectory. As we continue to analyze market trends, we are confident that our knowledge and strength will enable us to successfully handle any future hurdles.
El-Hamamsy noted that the company’s strategic ambitions for 2024 include accelerating profitable growth, creating a more agile and cost-efficient firm, and generating extra shareholder value. We will continue to pursue our successful strategy from prior cycles, and we are convinced that our unwavering dedication to quality will help us achieve our objectives.”
Orascom Development Egypt, which is majority owned by Orascom Development Holding, operates in the same sector as Egypt’s wealthiest family, the Sawiris family. Samih Sawiris founded the company in 2008 by uniting Orascom Projects for Touristic Development and Orascom Hotels and Development, and it has maintained a strong presence in the real estate market.
Sawiris, a prominent figure among Egypt’s wealthiest persons, announced his decision to stand down as chairman of Orascom Development Holding AG in December 2021, following nearly three decades at the helm of the property development giant. Despite the shift in leadership, the company continues to prosper, establishing new standards for fiscal year 2023.