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Orascom Development posts EGP 6.2bn real estate sales in nine months

Orascom Development posts EGP 6.2bn real estate sales in nine months
El Gouna posted net real estate sales of EGP 3.05 billion
Orascom Development Egypt
ORHD
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Cairo – MubasherOrascom Development Egypt (ODE) achieved new real estate sales of EGP 2.2 billion in the third quarter (Q3) of 2021, a 50.3% year-on-year (YoY) increase from EGP 1.5 billion in Q3-20, the company's preliminary unaudited key performance indicators (KPIs) showed.

This brings total real estate sales to EGP 6.2 billion during the first nine months of 2021, marking a 43.4% YoY growth, ODE said in a bourse disclosure on Tuesday. 

El Gouna posted net real estate sales of EGP 3.05 billion in the nine-month period ended 30 September, up by 72.5% from EGP 1.8 billion in the year-ago period. 

Meanwhile, net sales at Makadi Heights grew by 153.6% YoY to EGP 854.7 million in the January-September period, compared to EGP 337.0 million. 

In addition, sales at O West rose by 43.9% YoY to EGP 2.3 billion in the first nine months of the year, compared to EGP 1.6 billion. 

The growth in sales was attributed to the increase in the average selling prices as well as the higher number of units sold.

In the first half (H1) of 2021, ODE recorded consolidated net profits of EGP 744.58 million, compared to EGP 168.35 million in H1-20, including minority shareholders' rights.