February 23, 2021

Orascom Development Egypt reports net sales over EGP 6B


ArabFinance: Orascom Development Egypt (ODP) reported EGP 6.2 billion net real estate sales in 2020, according to preliminary unauditel results.

The company achieved a 32.3% increase in net sales from EGP 6.9 billion reported in 2019.

The 2020’s full results are expected to be announced mid-March 2021, ODE said.

Real Estate El Gouna and Makadi Heights real estate sales benefited from the concentration of extended-stay from people during the lock-down, however, the hotel business has been affected by the global pandemic, the statement highlighted.

Pharos Holding estimated the fair value of ODE's share at EGP 8.45 with overweight recommendations.

ODE, the largest subsidiary of Orascom Development Holding (ODH), is a developer of resort towns, residential units, hotels, and recreational facilities such as golf courses, town centers, and marinas, in addition to supporting infrastructures, such as hospitals, schools, and utilities.

arabfinance


Categories : real estate

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