Orascom Development Egypt (ODE) achieves net sales of EGP 11.1 bn in 2022, up 20.7% YoY from 2021, Invest-Gate reports.

During the fourth quarter, the company’s sales grew 28.6% YoY to EGP 3.8 bn.

Omar El Hamamsy, Group CEO of Orascom Development, comments: “Despite various macroeconomic challenges in Egypt, our operations continued to progress during Q4 2022, resulting in a record high for ODE’s annual sales.”

“The positive momentum in the fourth quarter further reinforces our strong position in the industry. We had a robust quarter with strong demand for O West, complemented by solid sales momentum in El Gouna and Makadi Heights,” He adds.

In El Gouna, ODE’s net real estate sales rose by 9.5% to EGP 4.4 bn in FY 2022 from EGP 4 bn in FY 2021.

O West’s real estate sales increased by 44.3% YoY to EGP 5.7 bn during FY 2022.

Makadi Heights real estate reached EGP 949.8 mn in 2022, compared to EGP 1.2 bn in 2021.

ODE’s hotels in El Gouna and Taba Heights record occupancies for Q4 2022 hit 73% and 30% respectively.

For 2022, occupancies reached 70% and 29%, respectively. Foreigners represented 85% of our total hotels’ occupancy rates in El Gouna during Q4 2022 and 80% for 2022.