Orascom Development Egypt (ODE) has announced its preliminary real estate and hotel key performance indicators (KPIs) for FY 2023, Invest-Gate reports.

In FY 2023, ODE achieved a remarkable surge in real estate sales, surpassing all previous records with a substantial increase of nearly EGP 19.5 bn, a significant growth of 74.9% compared to FY 2022 (EGP 11.1 bn).

Furthermore, Q4 sales in 2023 reached EGP 6.4 bn, demonstrating strong growth of 65.9% compared to Q4 2022. Notably, international sales accounted for a significant 37% of the total real estate sales in 2023.

Regarding hotel occupancy rates, El Gouna hotels experienced an increase from 70% to 72% during the fiscal year ending in 2023. Despite being impacted by the conflict in Gaza that began in October 2023, Taba Heights witnessed an impressive rise in occupancy rates from 29% in FY 2022 to 42% in FY 2023.

For Taba Heights hotels, the short-term strategy involved limiting operational capacity and reducing cash burn rates while ensuring preparedness to resume full operation when tourism eventually resumes. Foreign nationals constituted nearly 80% of the total occupancy at ODE’s hotels in FY 2023.

Omar El Hamamsy, Group CEO of Orascom Development, expressed satisfaction with the business growth achieved across hotels in FY 2023, despite the challenges posed by the Gaza conflict in Q4 2023. The results surpassed expectations and reflected the agility and effective plans implemented by the hotels. The resilient business model of ODE continued to yield robust results, driven primarily by strong average daily rates, sustained leisure demand, and increased occupancy rates.