Cairo – Mubasher: Orascom Development Egypt (ODE) sold 145,266 square metres of land in El Gouna at a value of EGP 1.54 billion, according to a press release.

The land sale, executed at 15 times its book value of EGP 101 million, marks the most extensive land sale in El Gouna since 2015.

This transaction aligns with the company’s strategic initiative to enhance value creation through selective land sales and land development aimed at accelerating the monetisation of its land bank.

This agreement underlines Orascom Development Egypt’s commitment to its corporate strategy and its dedication to delivering value for its stakeholders.

In the first quarter (Q1) of 2024, the EGX-listed firm shifted to consolidated net losses worth EGP 984.50 million, against net profits valued a net profit of EGP 384 million in Q1-23.

Revenues enlarged to EGP 4.17 billion in Q1-24 from EGP 2.95 billion as of 31 March 2023.