ODE’s net real estate sales jump 20.7% YoY in 2022

 Orascom Development Egypt’s (ODE) (ORHD) net real estate sales rose by 20.7% year-on-year (YoY) to EGP 11.11 billion in 2022, up from EGP 9.20 billion, marking the group’s highest sales in history, according to its preliminary earnings release published on January 30th.

O West was the biggest contributor to new sales with 44.3%, followed by El Gouna with 9.5%.

"Makadi Heights real estate reached EGP 949.8 million, as we purposefully slowed real estate sales in the destination until solving the land concern issue with the TDA in mid-2022," ODE said.

In the fourth quarter (Q4) of 2022, net real estate sales grew by 28.6% YoY to EGP 3.83 billion from EGP 2.98 billion in Q3 2021.