ORASCOM DEVELOPMENT EGYPT
ORHD
Real estateNeutral News
Orascom Development Egypt Soars with 65% Revenue Surge in First Half of 2024
Orascom Development Egypt reports a 65% revenue jump in H1-24 but faces profit challenges amid mixed financial performance.
August 13, 2024 at 2:58:00 PMScore: 78
Orascom Development Egypt (ORHD) reported mixed financial results for H1-24, showcasing robust revenue growth alongside profit challenges. Consolidated revenues surged 64.9% year-on-year (YoY) to EGP 10.21 billion, driven by strong Q2 performance. However, net profits dipped to EGP 942.76 million, below the EGP 1 billion mark in H1-23. Earnings per share (EPS) fell to EGP 0.59 from EGP 0.78, reflecting profitability pressures. Total assets grew to EGP 47.04 billion by June 2024, up from EGP 39.23 billion at end-2023. On a standalone basis, the company flipped from a EGP 204.12 million loss in H1-23 to a EGP 484.64 million profit in H1-24, with revenues dropping to EGP 2.48 billion from EGP 4.17 billion. Q2-24 saw consolidated net profits jump to EGP 1.92 billion, reversing a Q1-24 loss of EGP 984.50 million, while revenues climbed 86.4% YoY to EGP 6.03 billion.
Recommended Actions
- Monitor stock for post-Q2 momentum
- Compare with sector peers' performance
- Evaluate long-term growth potential
- Watch for management commentary on profit pressures
- Consider partial position for volatility exposure
Positive Aspects
- 64.9% YoY revenue growth
- Total assets up 19.9% to EGP 47.04 billion
- Standalone profit turnaround from loss to profit
Negative Aspects
- Decline in consolidated net profits
- EPS drop from EGP 0.78 to EGP 0.59
- Q1-24 consolidated net loss of EGP 984.50 million
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