El Gouna Q2 2020 sales increase by 22.1%: ODE

Total contracts and reservations for El Gouna reached EGP 891.5 million compared to EGP 729.9 million in Q2 2019. The delay in converting the pending reservations to contracts resulted from the social distancing procedures put in place for the Covid-19 pandemic.

ODE continues to speed up the construction pace in El Gouna, deploying 100% capacity at our construction sites, complemented by all the necessary precautionary and safety measures. The company increased the construction budget for the destination this year to EGP 1.1 billion, which is expected to generate real estate revenues within the range of EGP 1.9-2.1 billion for 2020.

ODE is planning to deliver 254 units this year with main deliveries happening in Abu Tig Hill, Tawila, Ancient Sands, Cyan and Sabina.

The company posted a net consolidated profit of EGP 705,549,217 in 2019, a 41% increase from EGP 500,199,468 achieved a year earlier

The real estate developer is the largest subsidiary of Orascom Development Holding. ODE is an integrated developer of resort towns in Egypt, with a vertically integrated business model involving the development of residential units, hotels, and recreational facilities such as golf courses, town centers, and marinas, in addition to supporting infrastructure, such as hospitals, schools, and utilities. ODE currently owns a land bank of 49.9 million square meter and 24 hotels with a total of 4,976 rooms within four operating destinations.