ORASCOM DEVELOPMENT EGYPT
ORHD
Real estatePositive News
Orascom Development Egypt Shatters Sales Records with EGP 19.5B in 2023, Eyes 2024 Growth
Orascom Development Egypt reports record-breaking 2023 sales of EGP 19.5B, driven by international demand and strategic adaptations amid economic challenges.
February 14, 2024 at 9:47:00 AMScore: 88
Orascom Development Egypt (ODE) soared to unprecedented heights in 2023, achieving a staggering EGP 19.5 billion in real estate sales—a 74.90% surge from 2022’s EGP 11.1 billion. International buyers fueled 37% of total sales, underscoring the firm’s global appeal. Fourth-quarter performance accelerated further, with sales jumping 65.90% YoY to EGP 6.4 billion. Group CEO Omar El-Hamamsy credited adaptive strategies and rapid construction timelines for weathering inflationary pressures. Despite geopolitical headwinds, the company remains bullish on expanding its market leadership in 2024. Net profits for January-September 2023 climbed 32.90% YoY to EGP 2.03 billion, reflecting robust operational resilience and sustained leisure demand.
Recommended Actions
- Consider holding ODE stock for long-term growth
- Monitor geopolitical developments affecting regional stability
- Review Q1 2024 earnings for sustained momentum
- Diversify investments to mitigate sector-specific risks
- Watch for dividend announcements post-2023 performance
Positive Aspects
- 74.90% annual sales growth
- 37% contribution from international sales
- 32.90% YoY profit increase
- Strong leadership and adaptive strategies
Negative Aspects
- Inflationary pressures impacting operational costs
- Geopolitical tensions posing potential risks
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