revealed Orascom Development Egyptreported an increase in consolidated revenues during the year 2021 by 41.4% to reach 7.1 billion pounds, compared to about 5 billion pounds during the year 2020.
According to the company’s business results, the gross profit achieved at the end of last year increased by 69.3% to reach 2.4 billion pounds, and a gross profit margin of 33.9% compared to 1.4 billion pounds, and a gross profit margin of 28.4% during the fiscal year ending 2020.
By comparing the company’s current business results with levels before the outbreak of the new Corona virus in 2019, the company has already witnessed a strong growth of 51.4% in total revenues, and 78.7% in total achieved gross profit.
The company was also able to achieve the highest profits before interest, taxes, depreciation and amortization and non-cash items in its history, reaching 2.5 billion pounds, an increase of 82%, compared to 1.4 billion pounds during the same period in 2020.
EBITDA increased by 81.5% to reach EGP 2.3 billion, compared to EGP 1.3 billion during the fiscal year ending in 2020.
On the other hand, interest expenses decreased by 16.9% to reach EGP 269.5 million during the year 2021 through the payment of all financial lease contracts in El Gouna, thus achieving more savings.
The positive performance was reflected in the company’s profits, as the net profit amounted to 1.3 billion pounds in 2021, an increase of 2.3 times, compared to 571.3 million pounds during the fiscal year ending in 2020.
The company continued to work on improving the financial position and monitoring cash flow, as the company’s cash balance amounted to 3.1 billion pounds during the fiscal year ending in 2021, an increase of 51.3% over the cash balance in 2020.
The balance of loans amounted to about 3.4 billion pounds, and net debt amounted to 322.8 million pounds in 2021. The net debt to net profit before interest, taxes, depreciation, depreciation and depreciation and non-cash items amounted to 0.1 times in 2021, compared to about 1.1 times in 2020.
On the other hand, cash flows increased by 40% to reach 1.7 billion pounds, compared to the same period last year.