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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
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
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
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
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
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
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...
- Mayar El Ashry
MNHD: 2Q22 – Strong sales and solid deliveries
POSITIVE MOMENTUM CONTINUES * MNHD achieved strong 2Q22 sales of EGP1.8 billion, up 122.8% y/y and 14.0% q/q, bringing 1H22 sales to EGP3.3 billion, up 117.3% y/y, supported by the launch of Taj Ville in Taj City. Around 43.0% of 1H22 sales constituted ready-to-move inventory sales, while off-plan sales generated the remaining 57.0% of 1H22 sales. * Net cash collections grew 13.8% y/y to EGP797.7 million in 2Q22, bringing 1H22 net cash collections up 8.8% y/y to EGP1.6 billion. * ...
- Mayar El Ashry
SODIC: 2Q22 – Sales boosted by the North Coast
* OCDI achieved solid 2Q22 sales of EGP2.9 billion, up 53.9% y/y and down 21.4% q/q, bringing 1H22 sales to EGP6.7 billion, up 77.4% y/y. Sales performance was mainly supported by North Coast project, June, which generated 43.0% of 2Q22 sales. * Sales cancellation rate reached 10% of sales in 2Q22, unchanged from 10% in 2Q21 and 10% in 1Q22. Sales cancellation rate continued to be affected by the 500 feddan project’s temporary suspension. Excluding this effect would yield a sales cance...
- Mayar El Ashry
MNHD: 1Q22 review – Revenues rise on higher sales and deliveries
1Q22 HIGHLIGHTS: * 1Q22 sales increased 110.6% y/y to EGP1.6 billion of which Sarai constituted 54.3% and Taj City constituted 45.7%. * Net cash collections grew 4.5% y/y to EGP836.3 million in 1Q22. * Cumulative delinquency rate reached 4.7% by the end of 1Q22, down from 8.9% at the end of 4Q21, reflecting MNHD’s efforts to rid its receivables portfolio of nonperforming contracts as indicated by the 49.1% cancellation rate in 1Q22, compared to 21.2% in 1Q21. MNHD expects its sales...
- Mayar El Ashry
SODIC: Off to a strong start
IMPRESSIVE 1Q SALES * OCDI achieved strong 1Q22 sales of EGP3.7 billion, up 102.2% y/y and down 37.4% q/q from 4Q that is generally a strong quarter in real estate, reaching a record 1Q high in OCDI’s history. West Cairo projects accounted for 36% of 1Q22 sales, supported by the launch of The Estates Residences project, and East Cairo projects and the North Coast respectively contributed 34% and 30% to 1Q22 sales. * Sales cancellation rate reached 10% of sales in 1Q22, compared to 8% in...
- Mayar El Ashry
SODIC: 4Q21 – A robust set of results
IMPRESSIVE SALES BOOSTED BY NORTH COAST PROJECT LAUNCH * OCDI achieved robust 4Q21 sales of EGP6.0 billion, up 81.0% y/y and up 266.3% q/q, bringing FY21 sales up 53.7% y/y to EGP11.4 billion, boosted by the launch of June on the North Coast in 4Q21 which brought in EGP4.1 billion in sales, and despite the temporary suspension of sales on the 500 feddan West Cairo land plot due to its location adjustment. * Sales cancellation rate reached 17.0% of sales in FY21, compared to 14.0% in FY2...
- Mayar El Ashry
MNHD: FY21 results pale in comparison to strong FY20
SALES DECLINE FROM STRONG FY20 LEVEL * FY21 sales declined 57.9% y/y to EGP3.0 billion due to FY20 sales having included EGP2.3 billion in land sales. FY21, by comparison, witnessed land sales of merely EGP108.0 million. Besides land sales, sales in Taj City decreased 12.4% y/y to EGP1.3 billion, and sales in SARAI decreased 52.3% y/y to EGP1.5 billion in FY21. * Revenue in 4Q21 declined 36.5% y/y to EGP847.4 million due to 4Q20 revenue having been supported by a land sale and despite 4...
Increased risk weighs on SIX OF OCT.DEV.& INV., penalising its rating...
The independent financial analyst theScreener just lowered the general evaluation of SIX OF OCT.DEV.& INV. (EG), active in the Real Estate Holding & Development industry. As regards its fundamental valuation, the title still shows 1 out of 4 possible stars. Its market behaviour, however, has slightly deteriorated and will be qualified as moderately risky moving forward. theScreener considers that these new qualifications justify an overall rating downgrade to Neutral. As of the analysis date Feb...
- Mayar El Ashry
Madinet Nasr for Housing and Development: Management webinar key takea...
NEW MANAGEMENT IN PLACE * MNHD’s new management is currently formulating its new strategy. This new strategy includes the company’s expansion plans, but for FY22, the focus is on the land the company already has. * MNHD plans to slow down land sales to focus more on development given that dependence on land sales is not sustainable. * MNHD plans to focus on commercial operations such as leasing to generate recurring income. * MNHD is focusing on healthy management of cash flow...
- Mayar Elashry
Egypt Real Estate 2022: Macro supportive, but operational challenges a...
REAL ESTATE TO CONTINUE TO BE VIEWED AS A STORE OF VALUE We believe real estate will continue to be viewed as a store of value, especially in light of expected higher inflation in 2022. In terms of interest rates, we continue to view the relationship between real estate and interest rates as one based on market sentiment, whereby expected higher interest rates in 2022 would be negative, and reiterate our view that, while certificates of deposit may present competition to real estate as an inv...
EMFD EMAAR MISR FOR DEVELOPMENT SAE
TMGH TALAAT MOUSTAFA GROUP HOLDING
HELI MISR EL GEDIDA HOUSING & DEVELOPMENT
ORHD ORASCOM DEVELOPMENT EGYPT SAE
OCDI SIX OF OCTOBER DEVELOPMENT & INVESTMENT
MNHD MEDINET NASR HOUSING & DEVELOPMENT CO.
PORT PORTO GROUP HOLDING SAE
PHDC PALM HILLS DEVELOPMENTS SAE
EGTS EGYPTIAN FOR TOURISM RESORTS
- Mayar Elashry
SODIC: Underwhelming 3Q21, but great 10M21 sales
SUSPENSION OF SALES IN 500 FEDDAN PROJECT BRINGS SALES DOWN * OCDI recorded 3Q21 sales of EGP1.6 billion, down 26.2% y/y and 14.7% q/q, which is attributed to the suspension of sales on the 500 feddan land plot (which houses VYE and Karmell) due to the location adjustment of the land plot. This brought 9M21 sales to EGP5.4 billion, up 31.6% y/y. 10M21 sales rose 74.0% y/y to EGP8.8 billion, supported by the October 2021 launch of June on the North Coast which brought in EGP2.7 billion in sal...
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