Orascom Development Egypt (ODE) has reported that its net real estate sales soared by 282.8% to EGP 1.5 bn in Q1 2019 versus EGP 397.6 mn in the prior-year period, driven by a rise in unit sales at O West, its first home project, in addition to Red Sea resorts of El Gouna and Makadi Heights, Invest-Gate reports.

“Real estate revenues increased by 118.0% to EGP 320.7 mn versus EGP 147.1 mn in Q1 2018 on the back of increased deliveries in El Gouna, in addition to the recognized land portion for the sold units in O West,” read a company’s bourse filing on May 12.

“Total deferred revenue, plus deferred interest income from real estate that is yet to be recognized till 2021, reached EGP 3.8 bn and total real estate portfolio receivable increased by 89.3% to EGP 5.3 bn,” it added.

ODE highlighted that the company’s strong growth during the first quarter of the year was driven by a significant increase across all business segments. The firm’s net profits amounted to EGP 111.33 mn in the January-March period of 2019, compared to EGP 83.08 mn in the year-ago period, according to the filing.

Meanwhile, revenues grew by 27.9% to EGP 837.6 mn in the three-month period of 2019 from EGP 654.91 million in the corresponding period a year earlier. In addition, gross profit marked EGP 243.4 mn during the same period, reflecting a gross profit margin of 29.1%.

As for ODE’s hotel segment, it posted a double-digit growth of all the main operational key performance indicators (KPIs), compared to the same period last year. This implies a 20.5% rise in revenues, from EGP 296.6 mn in Q1 2018 to EGP 357.3 mn in the same period of 2019, resulting in a surge of 25.1% in gross operating profit per available room (GOPPAR) to EGP 158.7 mn in Q1 2019, up from EGP 126.9 mn in the prior-year period.