Arab Developers Holding (ADH) reported impressive sales figures, reaching EGP 2.5 bn during the first half of 2023, compared to EGP 896 mn in the same period last year, reflecting a remarkable growth rate of 275%, Invest-Gate reports.

The company’s revenues also surged to EGP 687 mn, marking a 147% increase from the previous year’s EGP 468 mn.

Gross profit witnessed a significant rise of 132%, climbing from EGP 154 mn in H1 2022 to EGP 204 mn in H1 of the current year.

Net profit experienced an even more substantial surge, soaring from EGP 15 mn to EGP 54 mn, a staggering annual growth rate of 362%. Earnings per share also increased from EGP 0.01 to EGP 0.04.

In the second quarter of 2023 alone, ADH achieved sales totaling EGP 1.16 bn, with the sale of 368 units spanning approximately 57,000 sqm.

This performance compares to sales of EGP 581 mn from 277 units covering 48,000 sqm during the same period in 2022.

The company also successfully delivered 207 units, comprising around 36,000 sqm, compared to 165 units covering approximately 31,000 sqm.

Ayman Khalifa, CEO and Managing Director of ADH, stated that the robust operational and financial performance during the first half of 2023 underscores the success of the company’s management strategy.

Furthermore, Khalifa revealed the company’s intention to expand its project portfolio outside Egypt in the coming period.

It is worth noting that as of August 10, 2023, ADH’s total authorized and paid-up capital stood at EGP 772.4 mn, distributed across 1.3 bn shares with a nominal value of 0.6 EGP per share.