Ayman bin Khalifa, CEO of Arab Developers Holding, has revealed that the company’s board of directors is in the process of deciding on selling the company’s stake in its subsidiary, Amer Syria, within two weeks.
Arab Developers Holding received a compulsory purchase offer for its entire stake in Amer Syria at a value of $18m.
The company stated in a statement that the bidder is one of the companies established outside Egypt, pointing out that the offer is being studied by the Board of Directors and the financial and investment benefits that will accrue to the company are being studied.
He added to Daily News Egypt that sales benefit from marketing operations and promotional campaigns that included a new brand for most of the projects in which the company aims to sell as many units as possible.
He expected continued strong sales growth, which peaked during the fourth quarter of last year, at a rate of 406% compared to the third quarter.
Arab Developers Holding achieved a 176% jump in sales during 2022, to reach EGP 2.59bn in 2022, compared to EGP 1.47bn in 2021.
They indicated that their total sales amounted to 1,363 units with a total area of 150,000 square meters last year, compared to 880 units with a total area of 99,000 square meters in 2021.
Business results showed growth in sales rates, decrease in revenues, gross profit and operating profits compared to last year, affected by the increase in inflation rates and the increase in all elements of activity costs.
The consolidated financial statements of the Arab Developers Holding Company revealed during 2022 that net losses amounted to EGP 18.15m, compared to net profits compared to EGP 92.86m during 2021.