Tue, 23 Feb 2021 - 01:24 GMT
Resort in El Gouna - Orascom Development Website
CAIRO – 23 February 2021: Orascom Development Egypt (ODE) recorded a 32.3 percent increase in real estate sales in Q4 2020.
It recorded net real estate sales of LE 1.8 billion during the fourth quarter of 2020, up from LE1.4 billion during the same quarter of 2019.
As for full 2020, ODE ended the year with net real estate sales of LE 6.2 billion, compared to LE 6.9 billion in 2019.
“In FY 2020 net sales reached LE 3.3 billion vs. LE 4.3 billion in FY 2019,” ODE stated.
The company clarified that it recorded a cash balance of LE 2.1 billon by the end of the year.
According to the company, El Gouna and Makadi Heights real estate sales benefited from the concentration of extended-stay from people during the lock-down.
“We witnessed an increase in demand on our real estate units since May 2020, and we were able to capitalize on that demand by continuing to boost our real estate offerings to cater to the different needs,” it commented.
El Gouna continued to prove its status as the premier destination in Egypt, recording a 10.6 percent increase in net real estate sales of LE 2.4 billion in FY 2020, compared to LE 2.2 billion in FY 2019, it clarified.
In Makadi Heights, real estate sales continued its positive momentum and recorded a 12.6 percent increase to LE 450.4 million, from LE 400.1 million in FY 2019.
For O West, new sales during Q4 2020 marked LE 1.2 billion, a tremendous growth of 46.9 percent on a year-on-year basis (YoY).
During the first nine months of 2020, Orascom Development Egypt achieved profits amounting to LE 357.4, compared to LE501.2 million pounds in the same period of 2019, including the minority rights.
The company’s activity revenues declined during the period to LE 3.26 billion, compared to LE 3.34 billion in the comparative period in 2019.
As for standalone results, it achieved profits of Le 301.4 million during the period from January to last September, compared to profits of LE 403.71 million in the comparative period of 2019, including minority rights.
Orascom Development Egypt operates within the consumer services sector focusing on hotels, resorts and cruise lines with 52 subsidiaries operating across Northern Africa, Middle East and southern Europe.