Orascom Development Egypt (ODE) announces its preliminary real estate and hotels KPIs for Q4 2021, Invest-Gate reports.

The company’s sales recorded EGP 3 bn during Q4 2021, a 61.4% increase when compared to EGP 1.8 bn in the corresponding period of 2020. This brings the company’s sales to EGP 9.2 bn in 2021, an increase of 48.8% when compared to 2020.

“Our operations continued to progress during 4Q 2021. We had a robust quarter with strong demand for secondary homes, complemented by solid sales momentum in O West and Makadi Heights,” the company highlights in its statement.

“2021 has been a year where we continued to strengthen our positioning, focused on execution, and further horizons expansions. Even during the midst of the pandemic, all our residential projects received strong interest across our destinations. We also continue to leverage consumer insights, identifying the emerging buying behavior trends post pandemic and accordingly designing an array of products that will potentially cater to their needs,” the statement adds.

According to the statement, the company’s sales in El Gouna hiked 75.5% to EGP 4.05 bn during 2021, compared to EGP 2.31 bn in 2020.

ODE’s sales in O West project recorded EGP 4.0 bn by the end of 2021, 41.4% higher when compared to EGP 2.8 bn a year before.

Additionally, Makadi Heights’ sales performance increased by 162.7% to EGP 1.2 bn in 2021 from EGP 450.4 mn in 2020.

“The increase in sales continued to be a factor of both, our ability to increase the average selling prices and the number of units sold across all our destinations since the beginning of 2021,” the statement says.

As regards, hotels, the real estate developer notes that demand for the hospitality segment started to improve during 2H 2021, as vaccine deployment accelerated and lockdowns eased across the country, our portfolio continued to gather revenue momentum through Q4 2021.

In Egypt, as per the governmental decree, hotels increased their operational capacity to 100% since the end of October 2021. Our hotels in El Gouna and in Taba Heights have benefited from this uptick with occupancies for Q4 2021 reaching 69% and 13% respectively and 45% and 11% for 2021. Foreigners represented c. 57% of our total occupancy in Gouna during Q4 2021 and 42% for 2021.