Orascom Development Egypt (ODE) announces the key performance indicators (KPIs) for Q3 and the first nine months (9M) in 2021, highlighting an increase of 43.4% y-o-y in real estate sales, Invest-Gate reports.
The new real estate sales volume log logs EGP 2.2 bn in the 3Q 2021, a 50.3% increase from EGP 1.5 bn in 3Q 2020. That brings the sales value of 9M in 2021 to EGP 6.2 bn, a 43.4% increase over the same period in 2020, according to a company press release.
Furthermore, El Gouna records a 72.5% increase in net real estate sales to EGP 3.05 bn in 9M in 2021 vs EGP 1.8 bn in the same period of 2020. While Makadi Heights net sales accelerate by 153.6% to hit EGP 854.7 mn compared to EGP 337.0 mn in 9M in 2020.
O West records EGP 2.3 bn in sales in 9M 2021, a growth of 43.9% compared to EGP 1.6 bn in the comparing period of 2020, the company’s press release adds.
It’s noteworthy that this increase in sales is due to both ODE’s ability to increase the average selling prices and the number of units sold.
Concerning the hotels KPIs, the company’s press release discloses that the demand for the hospitality segment started to improve during the second half of 2021, as vaccine deployment accelerated and lockdowns eased across the country.
In this regard, the ODE’s hotels in El Gouna and Taba Heights record 37% and 10% respectively of occupancies rates in 9M 2021, and 52% and 22% for Q3 2021.
Additionally, ODE starts receiving some charter flights from Germany and some Eastern European countries in El Gouna. Besides, foreigners have represented 35% of the total occupancy in Gouna during Q3 2021. In the same context, ODE foresees a continued positive trend for Q4 2021.