ODE achieves record EGP 32.5bn in real estate sales, marking 67% growth in FY 2024
Orascom Development Egypt (ODE) has announced its consolidated results for Q4 2024, reporting record-breaking financial performance for the fiscal year (FY) 2024. The company achieved EGP 32.5bn in real estate sales, reflecting a 67% year-over-year (YoY) growth, with revenues surging 42% to EGP 21.8bn. Despite foreign exchange (FX) losses of EGP 1.8bn, net profit grew by 10.5% to EGP 3.4bn.
In Q4 2024, ODE's revenues climbed 27.4% to EGP 6.3bn, while adjusted EBITDA rose by 50% to EGP 2.7bn, achieving an impressive 42.4% margin. Net profit for the quarter increased 11.6% to EGP 1.2bn, and net real estate sales grew 46.8% to EGP 9.3bn. The company completed significant land sales, including 110,000 sqm to Hassan Allam Properties for $34.7m ($341/sqm) and an additional 26,532 sqm in El Gouna for EGP 370m ($274/sqm), building on previous transactions from H1 2024.
For the full year, ODE's adjusted EBITDA increased by 62.5% to EGP 9.3bn, with a 42.9% margin. Adjusted net profit, excluding FX losses, saw a 55.5% jump to EGP 5.3bn. International buyers contributed 41% of total sales, with O West leading at 39%, followed by El Gouna at 38% and Makadi Heights at 23%.
Real estate revenue for Q4 2024 rose 3.3% to EGP 3.8bn, bringing FY 2024 total real estate revenue to EGP 12.8bn, a 28.5% increase. Cash collections surged 46.9% to EGP 14.7bn, while deferred revenue, set for recognition through 2029, grew 65.4% to EGP 37.3bn.
ODE's hospitality division also delivered strong performance, recording EGP 4.3bn in revenues, a 41.6% increase, despite market challenges. Additionally, cash flow from operations grew by 151.5% to EGP 7.1bn, reinforcing ODE's strong financial position and growth trajectory.
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