Arab Developers Holding announced strong business results and a boost in performance at the end of last year, based on the company’s plan to restructure and implement its new strategy that focuses on increasing construction rates and delivery of its projects (repeated).
Chairperson of Arab Developers Holding Gamal Fathallah stated that the new management of the company succeeded in improving its financial position and achieving a great leap in profits in 2021, with a growth rate of 229% (repeated).
Fathallah added that the company achieved profits worth EGP 92.86m by the end of 2021, compared to profits worth EGP 28.24m in 2020, and cost of revenue increased during the same period to EGP 763.555m, compared to EGP 618.955m in the same period in 2020.
He pointed out that the company began to restructure its administration and develop a new business strategy two years ago. And despite all challenges in the real estate market during these past two years, the most prominent of which was COVID-19 outbreak. The company has resumed its works and plan successfully.
The company continues to implement its ambitious plan in the current year, as it aims to achieve sales of EGP 2bn in 2022. With the continuation of introducing new phases for its existing projects and providing flexible payment plans to suit the purchasing power of its customers, in addition to the real and ongoing demand for properties, Fathallah disclosed.
Ayman Bin Khalifa, CEO of Arab Developers Holding, said that the company succeeded in delivering approximately 1,500 units for the first time in its history since the new administration took over. We plan to deliver 2,000 new units by the end of this year.
Bin Khalifa noted that our policy is to focus on client’s needs, rights and to commit to specific construction and delivery timetables. With quality standards that the company does not waive to maintain its credibility and earn its clients confidence.
Price increases in building materials as a result of the Russian-Ukrainian crisis and the appreciation of dollar affect real estate prices in local market, he explained.
Accordingly, real estate companies are forced to add price increases to accommodate these increases in construction cost, he added. “Real estate remains a safe haven for investment, especially during crisis” he concluded”.