Masress : Orascom Development posts strong Q2 sales in El Gouna

EGX closed in mixed notes on Sept. 15 Egypt's Sisi, Qatar's Emir condemn Israeli strikes, call for Gaza ceasefire EHA launches national telemedicine platform with support from Egyptian doctors abroad Madbouly reviews strategy to localize pharmaceutical industry, ensure drug supply Al-Mashat tells S&P that Egypt working to reduce external debt, empower private sector Cairo's real estate market shows resilient growth as economy stabilizes: JLL Egypt's real estate market faces resale slowdown amid payment pressures Egypt's Foreign Minister, Pakistani counterpart meet in Doha Egypt condemns terrorist attack in northwest Pakistan Emergency summit in Doha as Gaza toll rises, Israel targets Qatar Egypt renews call for Middle East free of nuclear weapons، ahead of IAEA conference Egypt's EDA, Korean pharma firms explore investment opportunities Egypt advances plans to upgrade historic Cairo with Azbakeya, Ataba projects Egyptian pound ends week lower against US dollar – CBE Egypt hosts G20 meeting for 1st time outside member states Lebanese Prime Minister visits Egypt's Grand Egyptian Museum Egypt to tighten waste rules, cut rice straw fees to curb pollution Egypt seeks Indian expertise to boost pharmaceutical industry Egypt prepares unified stance ahead of COP30 in Brazil Egypt recovers collection of ancient artefacts from Netherlands Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures Egyptian, Ugandan Presidents open business forum to boost trade Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken' Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance Egypt's Sisi, Uganda's Museveni discuss boosting ties Egypt, Huawei explore healthcare digital transformation cooperation Greco-Roman rock-cut tombs unearthed in Egypt's Aswan Egypt reveals heritage e-training portal Sisi launches new support initiative for families of war, terrorism victims Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary Germany among EU's priciest labour markets – official data Paris Olympic gold '24 medals hit record value A minute of silence for Egyptian sports Russia says it's in sync with US, China, Pakistan on Taliban It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights Sudan says countries must cooperate on vaccines Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19 Egypt to tax bloggers, YouTubers Egypt's FM asserts importance of stability in Libya, holding elections as scheduled We mustn't lose touch: Muller after Bayern win in Bundesliga Egypt records 36 new deaths from Covid-19, highest since mid June Egypt sells $3 bln US-dollar dominated eurobonds Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform

Thank you for reporting!

This image will be automatically disabled when it gets reported by several people.

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.

Clic here to read the story from its source.