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Orascom Development Holding AG - Company Profile and SWOT Analysis
Summary Orascom Development Holding AG - Company Profile and SWOT Analysis, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Key Highlights Orascom Development Holding AG (ODH) is a real estate service company. It focuses on the development of integrated properties such as hotels, apartments, private villas, towns, recreation...
- Mayar El Ashry
Talaat Moustafa Group Holding: 2Q23 | Stellar Quarter; we raise our FV...
Sales surpass our FY 23 forecast; hotel revenue almost doubles * TMGH achieved stellar 2Q23 results, with 2Q23 sales rising 248.7% y/y and 69.5% q/q to EGP20.7 billion, bringing 1H23 sales up 191.0% y/y to EGP32.9 billion. Other than the EGP32.9 billion, sales made for non-TMGH entities in 1H23 recorded EGP18.5 billion, for which TMGH receives commissions. * Revenue in 2Q23 grew 54.1% y/y and 41.3% q/q to EGP6.3 billion, bringing 1H23 revenue up 50.9% y/y to EGP10.7 billion, supported b...
- Mayar El Ashry
MNHD: 2Q23| Impressive Growth in Sales
Sales grow annually and sequentially * MNHD achieved 2Q23 sales of EGP3.5 billion, up 90.7% y/y and 95.5% q/q, bringing 1H23 sales to EGP5.3 billion, up 54.6% y/y, with Taj City constituting 63.9% of sales and Sarai constituting 36.0%. * Cash collections grew 33.7% y/y to EGP1.1 billion in 2Q23, bringing cash collections up 19.6% y/y to EGP2.0 billion in 1H23. * Sales cancellation rate reached 7.2% in 2Q23, compared to 22.4% in 2Q22 and 6.4% in 1Q23. * Construction and infrast...
- Mayar El Ashry
SODIC: 2Q23| Strong Second Quarter, Making Up for the First
Strong sales in 2Q23 * OCDI reported strong 2Q23 sales of EGP5.4 billion, up 83.3% y/y and 93.9% q/q, bringing 1H23 sales up 22.5% y/y to EGP8.2 billion. Sales performance was mainly supported by the 464 feddan project in West Cairo, Villette in East Cairo, and June on the North Coast. * Sales cancellation rate reached 10% of sales in 1H23, compared to 10% in 1H22. * Net cash collections reached EGP4.1 billion with a delinquency rate of 4.5% in 1H23, compared to net cash collection...
- Mayar El Ashry
Emaar Misr For Development: 1Q23| Bottom Line Boosted by FX Gain
WEAKER OPERATIONAL RESULTS * EMFD reported 1Q23 revenue of EGP1.9 billion, down 27.5% y/y and 38.4% q/q, driven by revenue in Uptown Cairo, which constituted 45.7% of total revenue, followed by Marassi at 38.9%, Mivida at 14.6%, and hospitality at 0.8%. * Gross profit in 1Q23 reached EGP806.7 million, down 36.7% y/y and 40.0% q/q, leading to a GPM of 43.3%. * EBITDA in 1Q23 reached EGP648.6 million, down 44.6% y/y and 39.3% q/q, leading to an EBITDA margin of 34.8%, compared to 45....
- Mayar El Ashry
Talaat Moustafa Group Holding: 1Q23 | Kicking Off the Year Strong
SOLID SALES AND IMPRESSIVE HOTEL REVENUE * TMGH achieved solid 1Q23 sales of EGP12.2 billion, up 127.2% y/y and flat q/q. Other than the EGP12.2 billion, sales made for non-TMGH entities in 1Q23 recorded EGP8.0 billion, for which TMGH receives commissions. * Revenue in 1Q23 reached EGP4.4 billion, up 46.7% y/y and down 25.5% q/q, supported by a 37.8% y/y increase in real estate revenue to EGP2.9 billion, a 106.4% y/y increase in hotel revenue to EGP799.2 million, and a 38.6% y/y increas...
- Mayar El Ashry
MNHD: 1Q23 | A Steady Start to the Year
SALES GROW Y/Y * MNHD achieved 1Q23 sales of EGP1.8 billion, up 12.8% y/y and down 51.5% q/q, with Taj City constituting 69.2% of sales and Sarai constituting 30.6%. Around 9.0% of 1Q23 sales constituted ready-to-move inventory sales, while off-plan sales generated the remaining 91.0%. * Cash collections grew 6.2% y/y to EGP888.1 million in 1Q23. * Delinquency rate reached 2.7% in 1Q23, compared to 4.7% in 1Q22 and 2.6% in 4Q22. * Sales cancellation rate reached 6.4% in 1Q23, ...
- Mayar El Ashry
Orascom Development Egypt: Sturdy Sales and Hotel Revenue; We Raise Ou...
Solid real estate sales and strong hotel revenue * ORHD achieved solid 1Q23 sales of EGP2.8 billion, up 35.9% y/y and down 28.2% q/q, the company’s highest ever 1Q sales figure. Out of 1Q23 sales, El Gouna contributed EGP1.2 billion, up 33.5% y/y, O West contributed EGP1.1 billion, up 8.6% y/y, and Makadi Heights contributed EGP490.3 million, up 232.9% y/y. In 1Q23, average selling price grew 68.0% y/y to EGP129,966/sqm in El Gouna, 61.3% y/y to EGP56,069/sqm in O West, and 23.6% y/y to EGP4...
- Mayar El Ashry
SODIC: 1Q23| Sales Down due to Limited Launches
Slow start to the year * OCDI reported weak 1Q23 sales of EGP2.8 billion, down 25.7% y/y and 70.7% q/q, due to limited launches given OCDI had temporarily halted sales at the beginning of 2023 to revisit selling prices amid increasing construction costs. West Cairo contributed 52% of sales, supported by the 464 feddan project, and East Cairo contributed 48% of sales on the back of Villette and SODIC East. * Sales cancellation rate reached 21% of sales in 1Q23, compared to 10% in 1Q22. T...
- Mayar El Ashry
Emaar Misr For Development: Net Profit Boosted by Finance Income
Solid full-year financial performance * EMFD reported FY22 sales of EGP18.1 billion, down 22.2% y/y. * Revenue in 4Q22 reached EGP3.0 billion, down 12.6% y/y and down 35.4% q/q, bringing FY22 revenue to EGP14.7 billion, up 33.0% y/y, supported by revenue in Mivida, which constituted 53.9% of total revenue, followed by Marassi at 29.0%, Uptown Cairo at 13.9%, and hospitality at 3.2%. * Gross profit in 4Q22 reached EGP1.3 billion, down 16.2% y/y and down 35.5% q/q, leading to a GPM o...
- Mayar El Ashry
MNHD: A Year of Impressive Growth
Strong operational and financial performance * MNHD achieved solid 4Q22 sales of EGP3.7 billion, up 325.1% y/y and 13.0% q/q, bringing FY22 sales to EGP11.2 billion, up 224.4% y/y, supported by project launches in Taj City and Sarai, with Taj City constituting 56.3% of sales and Sarai constituting 43.7%. Around 25.0% of FY22 sales constituted ready-to-move inventory sales, while off-plan sales generated the remaining 75.0%. * Net cash collections grew 42.0% y/y to EGP1.0 billion in 4Q22...
- Mayar El Ashry
Talaat Moustafa Group Holding: 4Q22 – A Year of Solid Sales and Earni...
IMPRESSIVE QUARTERLY SALES * TMGH achieved impressive 4Q22 sales of EGP12.2 billion, up 151.0% y/y and 25.8% q/q, bringing FY22 sales to EGP33.2 billion, up 2.6% y/y from FY21 that had witnessed the massive launch of Noor. * Revenue in 4Q22 reached EGP6.0 billion, up 47.6% y/y and down 12.7% q/q, taking FY22 revenue up 29.5% y/y to EGP19.9 billion, supported by a 21.1% y/y increase in real estate revenue to EGP14.7 billion, a 100.0% y/y increase in hotel revenue to EGP2.6 billion, and ...
- Mayar El Ashry
MNHD: Management meeting key takeaways
DEMAND GOING STRONG * There is no concern for demand for real estate especially in light of current economic developments such as EGP depreciation, with buyers using real estate to preserve their wealth. YTD demand is looking better than the comparable period in 2022. * The concern is more to do with developers’ ability to absorb cost increases given that the off-plan sales model followed in the real estate sector locks in the sales price but faces the risk of later facing higher costs ...
- Mayar El Ashry
SODIC: A year of strong sales
STELLAR SALES PERFORMANCE * OCDI achieved stellar 4Q22 sales of EGP9.5 billion, up 59.0% y/y and 85.4% q/q, bringing FY22 sales up 87.4% y/y to an impressive EGP21.3 billion, with West Cairo constituting 37% of sales supported by the relaunch of the 464 feddan project, East Cairo constituting 35% of sales on the back of Villette and SODIC East, and the North Coast constituting 28% on the back of June. * Sales cancellation rate reached 6% of sales in FY22, compared to 17% in FY21. *...
- Mayar El Ashry
Orascom Development Egypt: Management Meeting Key Takeaways
HOSPITALITY SEGMENT BACK TO PEAK LEVELS * Hospitality performance in 2022 was back to peak 2019 levels, if not higher, in line with management’s goal to restore 2022 performance to 2019 levels, with a target to exceed these levels in 2023. * Management is optimistic on the hospitality side, with 4Q22 having been strong and momentum continuing into 2023, backed by hotel renovations that took place over the last couple of years, with plans to continue renovations in 2023. * ORHD as a...
- Mayar El Ashry
Emaar Misr For Development: 3Q22 | Another Solid Quarter
Mivida and Marassi deliveries drive revenue * EMFD reported solid 3Q22 revenue of EGP4.7 billion, up 22.2% y/y and 5.2% q/q, supported by revenue in Mivida, which constituted 47.7% of total revenue, followed by Marassi at 26.6%, Uptown Cairo at 18.2%, and hospitality at 7.5%, taking 9M22 revenue up 53.7% y/y to EGP11.7 billion. * Gross profit in 3Q22 grew 10.9% y/y and 8.8% q/q to EGP2.1 billion, leading to a GPM of 44.5%, lower annually and higher sequentially, and bringing 9M22 gross ...
- Mayar El Ashry
Talaat Moustafa Group Holding: 3Q22 | A Strong Quarter
Impressive growth in sales * TMGH achieved 3Q22 sales of EGP9.7 billion, up 49.2% y/y and 63.6% q/q, bringing 9M22 sales to EGP21.0 billion, down 23.6% y/y due to an unfavorable base effect, whereby 9M21 had witnessed the massive launch of Noor. * Revenue in 3Q22 grew 17.2% y/y and 67.7% q/q to EGP6.8 billion, taking 9M22 revenue up 23.0% y/y to EGP13.9 billion, supported by a 17.6% y/y increase in real estate revenue to EGP10.7 billion, an 81.8% y/y increase in hotel revenue to EGP1.5 ...
- Mayar El Ashry
Orascom Development Egypt: 3Q22 | Solid Sales and Impressive Top and B...
Solid real estate sales and stellar top and bottom lines * ORHD achieved solid 3Q22 sales of EGP2.6 billion, up 17.0% y/y and down 2.2% q/q, bringing 9M22 sales to EGP7.3 billion, up 16.9% y/y. Out of 3Q22 sales, O West contributed EGP1.1 billion, up 15.0% y/y, El Gouna contributed EGP1.2 billion, up 19.9% y/y, and Makadi Heights contributed EGP304.9 million, up 12.6% y/y. In 3Q22, average selling price grew 21.4% y/y to EGP38,251/sqm in O West, 19.3% y/y to EGP71,133/sqm in El Gouna, and 19...
- Mayar El Ashry
MNHD: 3Q22| Impressive Sales and Earnings
Solid sales performance continues * MNHD achieved stellar 3Q22 sales of EGP3.3 billion, up 445.9% y/y and 83.6% q/q, bringing 9M22 sales to EGP6.7 billion, up 218.4% y/y, supported by the launch of Elect in Taj City. Around 37.0% of 9M22 sales constituted ready-to-move inventory sales, while off-plan sales generated the remaining 63.0%. * Net cash collections grew 39.0% y/y to EGP989.6 million in 3Q22, bringing 9M22 net cash collections up 18.5% y/y to EGP2.6 billion. * Delinquency...
- Mayar El Ashry
SODIC: 3Q22| Strong Sales Performance
Stellar sales driven by the North Coast * OCDI achieved stellar 3Q22 results, with sales rising 214.1% y/y and 74.1% q/q to EGP5.1 billion, bringing 9M22 sales up 118.9% y/y to EGP11.8 billion. Sales performance continued to be supported by North Coast project, June. * Sales cancellation rate reached 8% of sales in 9M22, compared to 16% in 9M21. Sales cancellation rate was affected by the 464 feddan project’s temporary suspension. Excluding this effect would yield a sales cancellation r...
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