Egypt’s Orascom Development 9-month contractual sales rise 78.2%

Egypt’s Orascom Development Holding reported on Monday a 78.2 percent growth in its contractual sales to 1.7 billion Egyptian pounds ($94.8 million) from its real estate projects until the third quarter of the year.

Revenues in real estate field increased 95.4 percent to 679.5 million pounds in the first nine months of the current year.

The company posted revenues estimated at 2.4 billion pounds in all business sectors, making a 39.2 percent surge.

Net profits climbed to 276.06 million pounds from 268.8 million pounds last year.

At the end of September, losses stood at 119.27 million, versus 13.7 million pounds during the same period in 2017.

Orascom further said that it will start launching the units of its flagship O-West in Sixth of October City, 38km (23.6 miles) from the centre of Cairo, on a space of 1,000 feddans within the first quarter of the next year.

The company achieved sales worth 188.7 million pounds from its project Makadi Heights in Red Sea.