Egyptian Billionaire Samih Sawiris’ Firm Records $631 Million in Revenue for 2023

Orascom Development Egypt, a key subsidiary of Orascom Development Holding (ODH), controlled by Egyptian billionaire Samih Sawiris, has announced excellent financial success, breaking records by exceeding $630 million in sales at the end of the group’s fiscal year 2023.

According to recently revealed financial data, Orascom Development Egypt saw a 74.9 percent increase in revenue for the year 2023, rising from EGP11.1 billion ($360 million) in 2022 to an astonishing EGP19.5 billion ($631 million).

The extraordinary growth was most evident in the fourth quarter of 2023, when sales increased by 65.9 percent year on year to EGP6.4 billion ($207.1 million). This correlates with the Egyptian government’s economic rebalancing, which has resulted in a significant increase in household disposable income and a greater demand for real estate assets.

Omar El-Hamamsy, Orascom Development’s group CEO, expressed his delight with the company’s outstanding sales and financial performance. He remarked, “We quickly adjusted our plans and hastened construction to counteract the effects of the inflationary environment. Despite geopolitical tensions and economic pressures, we hope to strengthen our leadership position in 2024.”

El-Hamamsy emphasized the business model’s robustness, citing good average daily rates, sustained leisure demand, and rising occupancy rates.

Orascom Development Egypt, which is mostly controlled by Orascom Development Holding, operates in the same sector as Egypt’s wealthiest family, the Sawiris.

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.

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