Samih Sawiris’s Orascom Development lifts profit 24%

Orascom Development Egypt, the resort-town developer chaired by Egyptian tycoon Samih Sawiris, lifted its net profit 24% to EGP4.7 billion ($85 million) in the first nine months of 2026, helped by strong demand for homes at El Gouna and its other destinations.

Revenue rose 35% to EGP23.3 billion ($421 million), the company said in results released on Nov. 11. Real estate sales, the value of new homes sold, climbed 31% to EGP21.2 billion ($383 million). Adjusted earnings before interest, taxes, depreciation and amortization rose 14% to EGP8.2 billion ($148 million).

A strong third quarter

Growth picked up in the three months to September. Third-quarter net profit nearly doubled, up 99% to EGP1.5 billion ($27.1 million), and revenue rose 49% to EGP8.5 billion ($154 million). Real estate sales for the quarter increased 32% to EGP6 billion ($108 million), while adjusted EBITDA jumped 55% to EGP2.7 billion ($48.8 million).

The headline figures understate the improvement in the core business. Land sales, which the company treats as one-off income, fell to EGP300 million ($5.4 million) from EGP1.5 billion a year earlier. Without them, revenue grew 47% and net profit 70%.

Orascom Development Egypt is listed on the Egyptian Exchange and is the main operating unit of Orascom Development Holding AG, the Swiss-listed group Sawiris founded. Its towns include El Gouna on the Red Sea, Makadi Heights near Hurghada, O West in western Cairo and Byoum in Fayoum.

The Sawiris builder

Sawiris, 69, is the middle of the three sons of Onsi Sawiris, who founded the Orascom construction empire. While his brothers Naguib and Nassef built fortunes in telecommunications and construction, Samih focused on tourism and real estate, starting with El Gouna in 1989 on a stretch of Red Sea desert north of Hurghada.

The town has since grown into one of Egypt’s best-known resort communities, with hotels, a marina, private schools, a hospital and a branch of a German university. Orascom Development has also built destinations in Switzerland, Oman and Montenegro.

Figures were converted at EGP55.34 to the dollar.