Cairo – Orascom Development Egypt (ODE) reported an annual hike of 20.70% in net sales to EGP 11.10 billion in 2022, according to the preliminary unaudited key performance indicators (KPIs).

During the fourth quarter (Q4) of 2022, the company’s revenues amounted to EGP 3.80 billion, up 28.60% year-on-year (YoY) from EGP 3 billion.

Furthermore, the net sales of real estate in El Gouna grew by 9.50% to EGP 4.40 billion in 2022, versus EGP 4 billion in the January-December 2021 period.

O West posted revenues at a value of EGP 5.70 billion in 2022, an annual jump of 44.30% from EGP 4 billion.

Makadi Heights’ real estate generated EGP 949.80 million in revenue last year, down from EGP 1.20 billion in 2021. The lower revenues were attributed to a slowdown in sales across the destination in order to settle a land issue with the Tourism Development Authority (TDA) in mid-2022.

Omar El Hamamsy, Group CEO of Orascom Development, said: “Despite various macroeconomic challenges in Egypt, our operations continued to progress during Q4-22, resulting in a record high for ODE’s annual sales.”

El Hamamsy added: “We had a robust quarter with strong demand for O West, complemented by solid sales momentum in El Gouna and Makadi Heights. We adapted our planning to adhere to delivery dates and accelerated certain construction activities to help mitigate the inflationary environment.”

“Our figures reached pre-pandemic metrics, with our [annual recurring revenue] ARR’s increasing 38.30% when compared to 2019 figures,” he noted.

The group CEO elaborated: “Our hotels in El Gouna and Taba Heights have benefited from the uptick of the Egyptian hospitality segment with occupancies for Q4-22 reaching 73% and 30% respectively, while in 2022, occupancies reached 70% and 29%.”

He concluded: “Foreigners represented 85% of our total hotels' occupancy rates in El Gouna during Q4-22 and 80% for 2022.”

In the first nine months (9M) of 2022, the EGX-listed firm achieved consolidated net profits worth EGP 1.53 billion, higher by 26.44% YoY than EGP 1.21 billion, including minority shareholders’ rights.

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