ArabFinance: Investment Bank Pharos Holding expects that Orascom Development Egypt (ODE) will see a 95% growth profit increase recording EGP 1.04 billion according to Pharos' research note.

ODE announced recently launching 400 Vilas in O West project located in Six October City with EGP 3 billion sales over two years.

Orascom Development's net profit grew by 377%, recording EGP 408.916 million in quarter one (Q1) 2021, compared to EGP 97.058 million in Q1 2020.

The listed company plans to construct 3,500 villas in O West in 6th of October City.

ODE is the largest subsidiary of Orascom Development Holding (ODH). ODE is an integrated developer of resort towns in Egypt, with a vertically integrated business model involving the development of residential units, hotels, and recreational facilities such as golf courses, town centers, and marinas.

The company currently owns a land bank of 49.9 million square meters and 24 hotels with a total of 4,976 rooms within four operating destinations.

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