Orascom Development Egypt recorded a 218.7% increase in net real estate sales to EGP 5.5 billion! That is a magnificent indicator once compared to EGP 1.74 billion in 2018.
On a further note, interest costs decreased by 13.3% to reach EGP 325.5 million in 2019 vs. EGP 375.3 million in 2018. It is important to note that earnings before interest, taxes, depreciation, and amortization margins were affected by O West, due to the upfront launch sales and marketing expenses during the period. Higher margins from O West will start to kick in the year 2020 on wards. Notably, O West the first home project in West Cairo was the largest contributor to new sales (63.4% of sales), followed by El Gouna (30.3% of sales) and Makadi Heights (5.8% of sales). The EGP 5.5 billion net sales results contributes to Orascom’s real estate sales full year target of EGP 6.5 – 7.0 billion.
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