Brief: Orascom Development Holding AG Gives Update On Its Key Destination El Gouna

Orascom Development Holding AG

13/07/2020 19:03

July 13 (Reuters) - Orascom Development Holding AG  ODHN.S :
    * 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
    * ODH IS CONTINUING TO SPEED UP CONSTRUCTION PACE IN EL
GOUNA
    * PLANNING TO DELIVER 254 UNITS THIS YEAR WITH MAIN
DELIVERIES
HAPPENING IN ABU TIG HILL, TAWILA, ANCIENT SANDS, CYAN,SABINA
    * CO HAD A DEFERRED REVENUE BALANCE OF CHF 530.2 MILLION AS
OF Q1
2020, WHICH INCREASED DURING Q2 DRIVEN BY NEW SALES
    * INCREASED CONSTRUCTION BUDGET FOR DESTINATION THIS YEAR TO
CHF
64.7 MILLION, SEES GENERATE REAL ESTATE REVENUE. WITHIN RANGE OF
CHF 112-123 MILLION FOR 2020
    * "BACKLOG WILL RESULT IN TOTAL "REAL ESTATE PORTFOLIO
RECEIVABLES" OF CHF 651.4 MILLION"

Source text for Eikon:  ID:nEQ5bBgxTa 
Further company coverage:  ODHN.S 

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