Orascom Development Egypt (ODE) achieves an increase of 32.3% in 2020’s quarter four property sales and ends the year with net sales of EGP 6.2 bn and cash balance of EGP 2.1 bn, according to its financial year 2020’s Key Performance Indicator’s (KPI), while full results are expected to be published in mid-March 2021, Invest-Gate reports.
El Gouna increased 10.6% in net real estate revenue of EGP 2.4 bn in 2020 compared to EGP 2.2 bn in 2019. Therefore, it can be considered as a leading destination in Egypt, as per the company’s official statement.
Makadi Heights’ real estate sales are experiencing a continued increase, with a 12.6% increase to EGP 450.4 mn from EGP 400.1 mn in 2019.
O West achieves new sales during Q4 2020 of EGP 1.2 bn, a tremendous 46.9%, a year-on-year (YoY) growth. In 2020, net sales hit EGP 3.3 bn, against EGP 4.3 bn for 2019 accounts.
ODE continues its prudent cash management throughout 2020 and ends the year with a cash balance of EGP 2.1 bn, an increase of 79.6%, compared to the EGP 1.1 bn in 2019.
The company is speeding construction activity during the second half of 2020 and builds on the same pace in El Gouna, Makadi Heights and O West, deploying 100% capacity among all construction sites, complemented by all the necessary precautionary and safety measures.