Orascom Development Egypt (ODE) reports EGP 7.1 bn of revenues and EGP 1.3 bn of profits and closes the year with EGP 9.2 bn of net real estate sales, the highest value in ODE’s history, Invest-Gate reports.

Total revenue reached EGP 7.1 bn, an increase of 41.4% compared to EGP 5.0 bn in FY 2020. Gross profit also leveled up by 69.3% to EGP 2.4 bn with a margin of 33.9% in FY 2021 vs. EGP 1.4 bn and a margin of 28.4% in FY 2020. Comparing ODE’s figures to the pre-pandemic levels of FY 2019, the company witnessed a 51.4% growth in revenues and a 78.7% growth in gross profits. The company also posted the highest ever Adj. EBITDA of EGP 2.5 bn, an 82.0% increase, compared to EGP 1.4 bn in 2020.

EBITDA also grew by 81.5% to EGP 2.3 bn, compared to EGP 1.3 bn in FY 2020. Finance costs decreased by 16.9% to EGP 269.5 mn in FY 2021 as the company decided to pay back all leases in El Gouna and thus generated more savings. Net profits recorded EGP 1.3 bn in FY 2021 up 2.3x compared to EGP 571.3 bn in FY 2020.

ODE continues its prudent cash management and business optimization initiatives, further fortifying the Group’s balance sheet and maintaining an enhanced liquidity stance. Total cash and cash equivalent balance reached EGP 3.1 bn in FY 2021, a 51.3% increase on a yearly basis. The real estate developer managed to generate EGP 1.7 bn in cash flow from operations, a 40.0% increase over the same period last year.

Total revenue reached EGP 2.15 bn, an increase of 25.0% when compared to EGP 1.72 bn in Q4 2020.  Also, net profit registered EGP 100.7 mn compared to EGP 213.9 mn in Q4 2020.

Net sales for Q4 2021 stood at EGP 3.0 bn, a 61.4% increase from EGP 1.8 bn in Q4 2020. That brings the company’s FY 2021 sales value to EGP 9.2 bn, a 48.8% increase over FY 2020 and 32.9% over FY 2019. ODE’s operations continued to progress during Q4 2021, as it had a robust quarter with strong demand for secondary homes, complemented by solid sales momentum in O West and Makadi. El Gouna continued to be the Group’s largest contributor to new sales (44% of sales), followed by O West (43% of sales), and Makadi Heights (13% of sales).

On the other hand, Q4 2021 revenues hiked by 181.1% to EGP 340.1 mn (Q4 2020: EGP 121.0 mn) and GOP reached EGP 178.7 mn in Q4 2021 (Q4 2020: EGP 7.7 mn).

Besides, the town management segment continues to sustain its enhanced operational performance with the recovery of the hospitality sector. Destination management grew substantially, securing more recurring revenue streams despite the headwinds caused by the pandemic. Revenues in FY 2021 jumped by 46.1% to EGP 1.0 bn (FY 2020: EGP 684.9 mn). Adj. EBITDA soared by 241.6% to EGP 187.9 mn vs. EGP 55.0 mn in FY 2020.

El Gouna sales grew by 75.5% to EGP 4.05 bn compared to EGP 2.31 bn in FY 2020.

Also, O West recorded EGP 4.0 bn in residential sales for FY 2021, a growth of 41.4% compared to EGP 2.8 bn in FY 2020. The sales for Q4 2021 reached EGP 1.7 bn, a 38.0% increase from EGP 1.2 bn in Q4 2020.

On the other hand, Makadi Heights continued to deliver excellent sales performance since the beginning of 2021. Net real estate sales increased by 162.7% to EGP 1.2 bn (FY 2020:  EGP 450.4 mn). We managed to more than double the number of units sold from 164 in FY 2020.

Total revenues of Taba Heights increased by 31.7% to EGP 62.8 mn (FY 2020: EGP 47.7 mn).