Egypt’s Orascom Development posts 38.8% surge in FY2019 revenues

Egyptian Orascom Development’s revenues grew 38.8 percent year-on-year to 4.7 billion Egyptian pounds ($298.2 million) during the financial year 2018/2019, Daily news reported on Monday.

Earlier, revenues recorded 3.3 billion pounds during the financial year 2017/2018. The company has surpassed its revenue target of 4 billion pounds by 16 percent.

The company said its gross profits was up 1.3 percent to 1.34 billion pounds from 1.32 billion pounds during the financial year 2017/2018.

The company’s earnings before interest, tax, depreciation, and amortisation for the financial year 2018/2019 came in at 1.65 billion pounds, up 13.6 percent, compared to 1.45 billion pounds a year earlier.