Masress : Orascom Development posts strong Q2 sales in El Gouna

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Orascom Development posts strong Q2 sales in El Gouna
Company's sales increased 22.1% to EGP 891.5m, hotels receive full TÜV Nord safety and sanitation audit confirmation

Alyaa Stohy Published in Daily News Egypt on 14 - 07 - 2020

Orascom Development Egypt (ODE) has announced strong off-plan sales of EGP 89m, of which EGP 773m was contracted and EGP 118m came in reservations. The figures reflect growth of 22.1% year-on-year (y-o-y) and 98.6% quarter-on-quarter (q-o-q).
ODE, a subsidiary of Orascom Development Holding (ODH), announced the latest figures as an update on its performance at its flagship town of El Gouna.
The company attributed the delay in converting the pending reservations to contracts to the social distancing procedures put in place. ODE is continuing to speed up its pace of construction in El Gouna, deploying 100% capacity at its construction sites.
The company increased the 2020 construction budget for the destination to EGP1.1bn. This is expected to generate real estate revenues within the range of EGP 1.9bn-2.1bn during the year, representing 51%-67% y-o-y growth.
ODH is planning to deliver 254 units this year with main deliveries occurring in Abu Tig Hill, Tawila, Ancient Sands, Cyan and Sabina.
The company had a deferred revenue balance of EGP 7.9bn as of the first quarter (Q1) of 2020, which increased during Q2, driven by new sales. While the company did not provide an update about sales performance in O West and Makadi, it had earlier announced that total off-plan sales during April and May declined 29% y-o-y to EGP 1.34bn.
Naeem Research expects ODE to achieve total off-plan sales in 2020 of EGP 5.14bn, a decline of 25% y-o-y, affected by the negative impacts of the novel coronavirus (COVID-19) pandemic.
The group announced that the health and sanitation protocols at its hotels, which follow state-implemented measures, were recently audited and confirmed by TÜV Nord.
The confirmation by the German organisation, which works to validate the safety of products and services, reflects positively on ODH's international booking trends and will continue to reflect positively on its future hotels bookings.

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