Orascom Development Egypt (ODE) achieves real estate sales of EGP 4.7 bn in H1 2022, with 16.9% growth compared to H1 2021, Invest-Gate reports.
On a yearly basis, the company’s total revenue increased 27.6% to EGP 3.8 bn in H1 2022, while net profit levelled up 15.3% to EGP 858.3 mn.
During H1 2022, total revenues reach EGP 3.8 bn, up 27.6% compared to EGP 3.0 bn in H1 2021. Furthermore, gross profit grew 18.0% to EGP 1.3 b in H1 2022 compared to EGP 1.1 bn in H1 2021.
The company attributes the increase in revenues and gross profit to the acceleration of the company’s construction activities, with real estate revenues reaching EGP 2.6 bn in H1 2022, an increase of 12.1% when compared to H1 2021.
ODE continues to preserve a healthy balance sheet and monitor its cash balance and liquidity. In H1 2022, the company’s cash and cash equivalent balance reached EGP 2.9 bn. Alike, total debt stood at EGP 3.8 bn in H1 2022 compared to EGP 3.4 bn in H1 2021. Moreover, ODE’s cash flows recorded EGP 632.1 mn in H1 2022 compared to EGP 813.2 mn in H1 2021.
With strong operating and financial results, ODE’s performance remains strong with revenues up by 23.0% to EGP 1.9 n in Q2 2022 compared to EGP 1.5 billion in Q2 2021.
Additionally, ODE’s operations continue to progress during Q2 2022. O West is the group’s largest contributor to new sales (51.4%), followed by El Gouna (42.1%), and Makadi Heights (6.5%).
It is worth mentioning that ODE’s outperforming the Broader Hospitality Market in Egypt, with revenues up 147.6% to EGP 633.2 mn supported by the return of international travel.