Arab Developers Holding’s sales soar 413% year-on-year (YoY) to EGP 1.3 bn (nearly $42 mn) during the first quarter (Q1) of 2023, Invest-Gate reports.

The company sells 503 units with a total area of around 58,000 sqm in Q1 2023, up from 205 units with about 22,000 sqm total area in the same period a year earlier.

Arab Developers delivers 172 units in the first quarter this year, compared to 153 units the year before.

Net revenue jumped 137% YoY to EGP 256 mn between January and March 2023.

The company turned to profitability in January-March, recording EGP 15 mn in net profit, compared to a net loss of EGP 9 mn in the comparative period a year earlier.