Cairo – The Arab Developers Holding (registered under code ARAB on the Egyptian Stock Exchange) has announced its financial results for the first half of 2023. These results have shown unprecedented performance across all activities. ADH achieved the highest growth rate in sales among the real estate companies listed on the Egyptian Stock Exchange. Additionally, it achieved the largest annual increase in net profits. These achievements are attributed to the Company's management efforts in offering exceptional real estate products with competitive and diverse payment systems. This strategy capitalizes on the significant interest in real estate investment in Egypt during the current period.
ADH achieved sales of EGP2.5 billion during the first half of 2023, compared to EGP896 million during the same period last year, representing a growth rate of 275%. Revenues reached EGP687 million, compared to EGP468 million, with a growth rate of 147%. The overall profit for ADH saw a growth of 132%, rising from EGP154 million in the first half of 2022 to EGP204 million in the first half of the current year. Net profit increased from EGP15 million to EGP54 million during the comparative period, with an annual growth rate of 362%. Additionally, the earnings per share increased from EGP0.01 to EGP0.04.
Regarding the second quarter of 2023, ADH achieved sales of EGP1.16 billion by selling 368 units with a total area of approximately 57,000 square meters. This is compared to sales of EGP581 million from the sale of 277 units with a total area of 48,000 square meters during the same period in 2022. The company successfully delivered 207 units with a total area of about 36,000 square meters, compared to 165 units with a total area of about 31,000 square meters. These factors have contributed to the growth of most performance indicators for the company's activities.
"The strong operational and financial performance of the Company during the first half of 2023 indicates the success of the management's strategy. This success positions ADH as a leading player in the Egyptian real estate sector. The Company's strategy involves developing existing projects to accelerate the pace of unit delivery to existing customers and providing comprehensive services to enhance the customer experience. This positive approach contributes to future sales growth," said Dr. Ayman Khalifa, CEO and Managing Director of ADH. "The Company is concurrently focused on evaluating the best available investment opportunities to maximize returns for shareholders. The aim is to address the market's needs across various types of projects, whether residential, commercial, or administrative, thereby catering to a wide range of demands. The Company intends to expand its project portfolio beyond Egypt in the upcoming period. It's worth noting that we are actively pursuing the advancement of procedures related to the 'Agadir' project and continuing the phases of the 'Dead Sea' project. Additionally, the Company is exploring several new investment opportunities in the Middle East region. This expansion is complemented by the commitment to achieving sustainable development, ensuring that growth rates and investment activities align with both environmental and climate priorities."
It is worth mentioning that the total authorized and paid-up capital of ADH reached EGP772.4 million as of August 10, 2023, distributed among 1.3 billion shares with a nominal value of EGP0.6 per share. Additionally, the total ownership rights of the group amounted to EGP1.24 billion as of June 30, 2023, with a book value per share of EGP0.96.
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About Arab Developers Holding:
Arab Developers Holding possesses a rapidly growing and comprehensive portfolio of integrated real estate destinations. It has successfully emerged as one of the leading real estate development companies in the region within a remarkably short span of time. Over the course of 16 years of innovation and dedicated work, the Company has also contributed to reshaping the real estate landscape in the Egyptian market through inventive methods and approaches.
The Company's commitment to excellence is evident in the development of a range of luxurious real estate projects designed to meet the needs of customers and investors alike. These projects boast innovative features that enhance modern lifestyles and luxury, elevating them to unparalleled levels.
Offering a diverse array of distinguished real estate projects, ADH celebrates innovative living styles and provides a series of top-tier services through unparalleled real estate options in emerging markets worldwide. The Company's project portfolio includes opulent palaces, villas, upscale shopping centers, world-class golf courses, hotels, and hotel apartments that epitomize an unmatched contemporary lifestyle.
