Arab Developers Holding achieved contractual sales totaling EGP 5.3 bn in 2023, marking the highest sales value in the company’s history, Invest-Gate reports.

This represents a significant increase from EGP 2.6 bn in 2022, with an impressive annual growth rate of 203%. This growth rate is the highest among companies listed on the Egyptian Exchange (EGX).

Furthermore, the company turned profitable, recording a net profit of EGP 100 mn, reflecting a remarkable growth rate of 649%.

The surge in sales for Arab Developers Holding can be attributed to an increase in the number of units sold, reaching 1,819 units with a total area of approximately 220,000 sqm in 2023. This is compared to 1,360 units with a total area of about 150,000 sqm in the previous year, representing a 103% increase.

Additionally, the company successfully delivered 654 units with a total area of approximately 75,000 sqm in 2023, compared to 655 units with a total area of about 73,000 sqm in 2022.

The operational performance of Arab Developers Holding had a positive impact on various financial indicators in 2023. The company achieved revenues of EGP 1.3 bn, reflecting a growth rate of 149% compared to EGP 849 mn in 2022.

Moreover, the total profit reached EGP 402 mn in the past year, compared to EGP 248 mn in the previous year, representing a growth rate of 162%.

Dr. Ayman Bin Khalifa, CEO and Managing Director of Arab Developers Holding, commented on these results, stating that the company has implemented a long-term strategic plan to develop its existing project portfolio.

The plan includes doubling the volume of investments annually to accelerate implementation rates while maintaining the highest levels of quality. This comprehensive strategy has led to an unprecedented boom in the company’s operational and financial results, despite the challenges faced by the Egyptian economy and the real estate sector in particular during the past year.