Cairo – Mubasher: Orascom Development Egypt (ODE) surpassed all its previous records in real estate sales to reach EGP 19.50 billion in 2023, marking an annual surge of 74.90% from EGP 11.10 billion.
The EGX-listed firm highlighted that international sales contributed 37% to total real estate sales in 2023, according to the unaudited key performance indicators (KPIs).
During the fourth quarter (Q4) of 2023, the sales hiked by 65.90% year-on-year (YoY) to EGP 6.40 billion.
Omar El-Hamamsy, Group CEO of Orascom Development, commented: “We swiftly adapted our plans and accelerated construction to mitigate the impact of the inflationary environment.”
“Despite geopolitical tension and economic pressure, we look forward to growing our leadership position in 2024,” El-Hamamsy added.
He concluded: “Our resilient business model continued to drive powerful and robust results, primarily fueled by strong average daily rates, ongoing leisure demand, and increased occupancy rates.”
In the January-September 2023 period, the net profits of Orascom Development Egypt jumped by 32.90% YoY to EGP 2.03 billion from EGP 1.53 billion.
