Cairo – Mubasher: Orascom Development Egypt (ODE) announced that its net real estate sales surged by 32.3% year-on-year (YoY) to EGP 1.8 billion in the fourth quarter (Q4) of 2020, compared to EGP 1.4 billion.

Over the course of 2020, net real estate sales retreated to EGP 6.2 billion, compared to EGP 6.9 billion in 2019, the company said in a bourse disclosure on Tuesday.

“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,” the company revealed.

El Gouna recorded net real estate sales of EGP 2.4 billion last year, up by 10.6% from EGP 2.2 billion in 2019, while Makadi Heights posed real estate sales of EGP 450.4 million, rising by 12.6% YoY from EGP 400.1 million.

In O West, new sales slid to EGP 3.3 billion in 2020 from EGP 4.3 billion in 2019. As for Q4-20, new sales in O West jumped by 46.9% YoY to EGP 1.2 billion.

ODE ended 2020 with a cash balance of EGP 2.1 billion, leaping by 79.6% YoY from EGP 1.1 billion.

Total debt amounted to EGP 3.5 billion, while net debt fell to EGP 1.5 billion last year from EGP 2.1 billion in 2019.

During the first nine months of 2020, ODE logged net profits of EGP 357.4 million, down from EGP 501.2 million in the corresponding period a year earlier, including minority shareholders’ rights.