Orascom Development Egypt is looking forward to generating around EGP 6.5 billion to EGP 7 billion in property sales by the end of 2019, according to a statement to the Egyptian Exchange (EGX).
The company is planning to raise its real estate sales this year from EGP 2.3 billion in 2018, backed by O West project and the robust financial results of El Gouna and Makadi Heights.
Moreover, the leading developer aims to achieve revenue of EGP 4 billion in 2019, in addition to pre-tax profits that range between EGP 1.4 billion and EGP 1.45 billion.
The EGX-listed firm also noted that these estimates exclude the contributions of Royal Azur, Club Azur, and Tamweel Group which have been identified as non-core assets.
Orascom Development previously reported its profits soared by 113% during the first half of 2019 to EGP 393.7 million from EGP 184.6 million in H1-18.