Samih Sawiris’ Orascom Development Egypt posts Q1 revenue of $127 million

Key Points

• Q1 2025 revenue rose 54.3% year-on-year to $126.8 million, fueled by strong hospitality gains and a major land sale in El Gouna.
• Net profit hit $39.68 million, reversing a year-earlier loss, as gross profit rose and finance costs declined amid forex stabilization.
• Real estate sales dipped 46% on limited launches, but hotel revenue jumped 68% to $23.82 million with 72% occupancy in El Gouna.

Orascom Development Egypt (ODE), a subsidiary of Orascom Development Holding (ODH) and part of Egyptian billionaire Samih Sawiris’ business empire, kicked off 2025 with stellar results, strengthening its market position in Egypt’s fast-growing real estate market. 

For the first three months of its 2025 fiscal year, the Egyptian development company booked revenue of $126.8 million, powered by a sharp rebound in its hospitality and recurring income segments, along with a landmark land sale in El Gouna.

Revenue growth and profitability

According to its earnings release, Orascom Development Egypt’s (ODE) revenue surged 54.3 percent year-on-year to EGP6.4 billion ($126.98 million) in Q1 2025, up from EGP4.18 billion ($82.83 million) in the same period last year, buoyed by a stellar performance in its hospitality and commercial segments as well as gains from a land sale in El Gouna.

The company swung to a net profit of EGP2 billion ($39.68 million) from a loss of EGP1 billion ($19.7 million) in Q1 2024, driven by robust gross profit growth, improved foreign exchange stability, and a 5.9 percent decline in finance costs. ODE’s Q1 2025 report is supported by strong hospitality and commercial asset performance, despite a slowdown in real estate sales due to limited launches. 

Real estate dips, hotels hits record high

The Egypt developer’s real estate sales fell to EGP4.1 billion ($81.33 million) in Q1 2025, nearly halving from a year earlier, following a temporary pause in sales at O West and Makadi Heights. Foreign buyers made up 43 percent of total sales. El Gouna led contributions with EGP3 billion ($59.52 million), despite a 26.2 percent decline on fewer new launches. O West and Makadi Heights followed with EGP604.7 million ($12 million) and EGP463.7 million ($9.2 million), respectively, with over half of Makadi’s sales coming from international buyers.

Real estate revenue dipped 2.7 percent to EGP2.8 billion ($55.56 million) as the company focused on delivering existing projects over securing new bookings. Still, deferred revenue surged 38.1 percent year-over-year to EGP38.6 billion ($766.03 million), providing revenue visibility for the next 3–4 years.

The hotel segment delivered record revenue of EGP1.2 billion ($23.82 million), up 68 percent, driven by high occupancy, robust European demand, and strong room rates. El Gouna hotels posted 72 percent occupancy and a 54 percent jump in average daily rate to EGP5,159 ($102.38).

A legacy in Egyptian real estate

ODE is part of the Sawiris family’s real estate and tourism portfolio. Founded in 2008 by Samih Sawiris through the merger of Orascom Projects for Touristic Development and Orascom Hotels and Development, the company has grown into a major player in Egypt’s property market.

By the end of the first three months of its 2025 fiscal year, ODE maintained a strong cash balance of EGP7.6 billion ($150.76 million) and foreign currency cash stood at $80.2 million. Total assets climbed 6.6 percent to EGP54.05 billion ($1.07 billion), while equity rose 15.08 percent to EGP15.12 billion ($299.79 million)