Orascom Development Egypt: 3Q22 | Solid Sales and Impressive Top and Bottom Lines

  • 3Q22 sales reached EGP2.6 billion, up 17.0% y/y and down 2.2% q/q, bringing 9M22 sales to EGP7.3 billion, up 16.9% y/y.

  • Hotel revenue in 3Q22 grew 64.2% y/y and 19.0% q/q to EGP443.3 million, driven by occupancy rate in El Gouna of 77.0%.

  • Net profit in 3Q22 increased 37.3% y/y and 63.1% q/q to EGP596.8 million.

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