Orascom Development Holding AG
Orascom Development Holding AG gives an update on its key destination El Gouna (Egypt): Q2 2020 sales increase by 27.4% to CHF 54.4 million and its hotels receive the full safety, sanitation, and hygiene audit confirmation from TÜV Nord.
Orascom Development Holding AG / Key word(s): Miscellaneous/Miscellaneous Orascom Development Holding (ODH) gives an update on its key destination El Gouna (Egypt): Q2 2020 sales increase by 27.4% to CHF 54.4 million and its hotels receive the full safety, sanitation, and hygiene audit confirmation from TÜV Nord. Altdorf, 13 July 2020 – Orascom Development Holding would like to update its investors and shareholders on the strength of its business model and financial position in the height of the economic downturn brought by the Covid-19 outbreak. ODH’s management continues to carefully monitor the situation and believes that the company is well prepared to overcome the current potential volatility in the business environment and the slowdown of economic activity that is caused globally. El Gouna Real Estate ODH is continuing to speed up the construction pace in El Gouna, deploying 100% capacity at the construction sites, complemented by all the necessary precautionary and safety measures. The company increased its construction budget for the destination this year to CHF 64.7* million, which is expected to generate real estate revenues within the range of CHF 112-123* million for 2020. ODH is planning to deliver 254 units this year with main deliveries happening in Abu Tig Hill, Tawila, Ancient Sands, Cyan and Sabina. It is worth noting that the company had a deferred revenue balance of CHF 530.2 million as of Q1 2020, which increased during the second quarter driven by the new sales. The deferred revenue remains solid and fully funded, providing concrete visibility on future cash flows and earnings. This backlog will result in total “Real Estate Portfolio Receivables” of CHF 651.4 million. Deferred revenue relates to sold and contracted real estate units that are either under construction or where construction will be carried out in the following years. * EGP/CHF rate used as of 30/6/2020. Orascom Development Holding (ODH) is a leading developer of fully integrated destinations that include hotels, private villas and apartments, leisure facilities such as golf courses, marinas and supporting infrastructure. Orascom Development’s diversified portfolio of destinations is spread over seven jurisdictions (Egypt, UAE, Oman, Switzerland, Morocco, Montenegro, and United Kingdom), with primary focus on touristic destinations. The Group currently operates nine destinations: four in Egypt (El Gouna, Taba Heights, Fayoum and Makadi Heights), The Cove in the United Arab Emirates, Jebel Sifah and Hawana Salalah in Oman, Luštica Bay in Montenegro, and Andermatt in Switzerland. The shares of Orascom Development Holding (ODH) are listed on the SIX Swiss Exchange. End of ad hoc announcement |
Language: | English |
Company: | Orascom Development Holding AG |
Gotthardstraße 12 | |
6460 Altdorf | |
Switzerland | |
Phone: | +41 41 874 17 17 |
Fax: | +41 41 874 17 07 |
E-mail: | ir@orascomdh.com |
Internet: | www.orascomdh.com |
ISIN: | CH0038285679 |
Valor: | A0NJ37 |
Listed: | SIX Swiss Exchange |
EQS News ID: | 1092793 |
End of Announcement | EQS Group News Service |