In a press conference hosted at the Marriott Hotel, Wadi Degla Developments has provided a comprehensive overview of its achievements throughout the year, reaffirming its dedication to pursuing strategic initiatives outlined in 2022, Invest-Gate reports.

The company’s key focus on bolstering operational efficiency emerged as the linchpin of its strategy, serving as a resilient force against Egypt’s challenging economic landscape.

Raymond Ahdy, CEO of Wadi Degla Developments, emphasized that the company’s strategy prioritizes not just growth but the creation of an efficient foundation with the potential for exponential growth. This internal focus is pivotal in fortifying the company against economic fluctuations, aligning sales targets with a prudent policy of releasing a limited number of units per project for sale to mitigate potential losses from inflation impacts.

Moreover, despite facing operational challenges, including adjusting initial projections due to a 60% surge in construction costs, Wadi Degla Developments persevered and thrived.

Also, the company delivered 1,600 units in 2023, a significant increase from the 750 units the previous year, showcasing its ability to respond effectively to economic pressures while maintaining operational efficiency.

Furthermore, Wadi Degla Developments made substantial progress in addressing its construction backlog, exacerbated by pandemic impacts. The company successfully handed over 2,350 units to date, with an additional 1,500 units set for delivery by year-end, aligning to clear the backlog entirely by the close of 2026.

Supported by this success, the company reported a substantial increase in sales revenue for 2023, reaching EGP 2.6 bn, compared to the previous year’s EGP 1.5 bn.

Ahdy shared his vision, emphasizing the company’s commitment to delivering excellence while maintaining peak operational efficiency and ensuring enduring prosperity in the face of challenging times.