Orascom Development Egypt (ODE); announces preliminary unaudited KPIs for FY 2022, recording EGP 11.1 billion of net real estate sales, a 20.7% increase over FY 2021.

 

Orascom Development Egypt (ODE); announces preliminary unaudited KPIs for FY 2022, recording EGP 11.1 billion of net real estate sales, a 20.7% increase over FY 2021

  – Orascom Development Egypt (ODE) is pleased to announce its preliminary real estate and hotels KPIs for FY 2022

Real Estate FY 2022 KPIs

New sales for Q4 2022 reached EGP 3.8 billion, up 28.6% from EGP 3.0 billion in Q4 2021. That brings our FY 2022 net sales value to the highest sales figures in ODE’s history at EGP 11.1 billion, a 20.7% increase over FY 2021

Omar El Hamamsy, Group CEO of Orascom Development, commented: “Despite various macroeconomic challenges in Egypt, our operations continued to progress during Q4 2022, resulting in a record high for ODE’s annual sales. The positive momentum in the fourth quarter further reinforces our strong position in the industry. We had a robust quarter with strong demand for O West, complemented by solid sales momentum in El Gouna and Makadi Heights. We adapted our planning to adhere to delivery dates and accelerated certain construction activities to help mitigate the inflationary environment. This exceptional performance is a testament to our team's hard work and our ability to capture existing demand in the local market with well-tailored products and strong customer relationships”

In El Gouna, net real estate sales grew by 9.5% to EGP 4.4 billion in FY 2022 vs. EGP 4.0 billion in FY 2021

O West continues to expand on its leading position in West Cairo. Net real estate sales increased by 44.3% to EGP 5.7 billion during FY 2022 (FY 2021: EGP 4.0 billion)

Makadi Heights real estate reached EGP 949.8 million (FY 2021: EGP 1.2 billion), as we purposefully slowed real estate sales in the destination until solving the land concern issue with the TDA in mid-2022

ODE’s Hospitality Resilient, Outperforming the Broader Hospitality Market in Egypt

Omar El Hamamsy, Group CEO of Orascom Development, added: “Orascom Development’s Hotels’ proven business model once again delivered impressive quarterly results, despite a challenging global economic environment. Our hotels exhibited solid growth during the quarter, primarily driven by strong average daily rates and enduring leisure demand. With further room for occupancy to increase, we look forward to it growing steadily in the future”

Our figures reached pre-pandemic metrics, with our ARR’s increasing 38.3% when compared to FY 2019 figures. Our hotels in El Gouna and Taba Heights have benefited from the uptick of the Egyptian hospitality segment with occupancies for Q4 2022 reaching 73% and 30% respectively, while FY 2022, occupancies reached 70% and 29%. Foreigners represented 85% of our total hotels' occupancy rates in El Gouna during Q4 2022 and 80% for FY 2022