Orascom Development Egypt’s (ODE) (ORHD) net real estate sales rose by 20.7% year-on-year (YoY) to EGP 11.11 billion in 2022, up from EGP 9.20 billion, marking the group’s highest sales in history, according to its preliminary earnings release published on January 30th.

O West was the biggest contributor to new sales with 44.3%, followed by El Gouna with 9.5%.

"Makadi Heights real estate reached EGP 949.8 million, as we purposefully slowed real estate sales in the destination until solving the land concern issue with the TDA in mid-2022," ODE said.

In the fourth quarter (Q4) of 2022, net real estate sales grew by 28.6% YoY to EGP 3.83 billion from EGP 2.98 billion in Q3 2021.

"Despite various macroeconomic challenges in Egypt, our operations continued to progress during Q4 2022, resulting in a record high for ODE’s annual sales," Omar El Hamamsy, Group CEO of Orascom Development, commented.

ODE, Orascom Development Holding’s (ODH) largest subsidiary, is an integrated developer of resort towns in Egypt that owns a land bank of 50.25 million square meters and 24 hotels.

Copyright © 2022 Arab Finance Brokerage Company All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info).