Arab Developers Holding (ADH) has reported a record-breaking year in 2023, with contractual sales reaching EGP 5.3bn, a significant increase from EGP 2.6bn in 2022, marking a 203% growth rate. This milestone represents the highest sales in the company’s history.
Transitioning to profitability, ADH recorded a net profit of EGP 100m, a substantial growth of 649% from the previous year.
The remarkable financial and operational performance is attributed to ADH’s strategic investments in its project portfolio and successful partnerships with leading companies, enhancing service quality for customers.
Sales surged due to an increased number of units sold—1,819 units covering approximately 220,000 sqm in 2023, up from 1,360 units and approximately 150,000 sqm in 2022, reflecting a 103% increase. Additionally, the company delivered 654 units with a total area of roughly 75,000 sqm, compared to 655 units and approximately 73,000 sqm in the prior year.
ADH’s operational excellence positively influenced various financial indicators in 2023:
- Revenues climbed to EGP 1.3bn, up from EGP 849m in 2022, a 149% growth rate.
- Total profit reached EGP 402m, up from EGP 248m, a 162% increase.
- Operating profits soared to EGP 77m, a turnaround from a loss of EGP 23m, marking a 442% growth.
- Net profit reached EGP 100m, recovering from a loss of EGP 18m in 2022, a 649% increase.
- Earnings per share improved to EGP 0.08, reversing from a loss of EGP 18.
The cost-to-revenue ratio decreased to 68% in 2023 from 71% in 2022, while the total profit-to-revenue ratio rose from 29% to 32%. The operating profit-to-revenue ratio improved from -3% to 6%, and the net profit-to-revenue ratio increased from -2% to 8%.
Ayman Khalifa, CEO of ADH, commented: “Our executive management is dedicated to advancing our project portfolio. We aim to finalize the Dead Sea project and commence the Agadir Project following the completion of official procedures. We’re also seeking new investment opportunities to enlarge our land holdings in areas like New Cairo and the North Coast, which are witnessing robust real estate demand.”
