Orascom Development Egypt (ODE); announces preliminary unaudited KPIs for 1H 2022, recording EGP 4.7 billion of net real estate sales a 16.9% increase over 1H 2021
Orascom Development Egypt (ODE), is pleased to announce its preliminary real estate and hotels KPIs for Q2 2022.
Real Estate 1H 2022 KPIs:
New sales for Q2 2022 reached EGP 2.7 billion, a 39.4% increase from EGP 1.9 billion in Q2 2021. That brings our 1H 2022 sales value to EGP 4.7 billion, a 16.9% increase over 1H 2021, the highest first half sales figures in ODE’s history.
Despite various macro and geopolitical challenges around the globe, our operations continued to progress during Q2 2022. We had a robust quarter with strong demand in O West complemented by solid sales momentum in El Gouna.
In El Gouna, new real estate sales during Q2 2022 grew by 8.6% to EGP 1.1 billion vs. EGP 1.0 billion in Q2 2021. That brings our 1H 2022 sales value to c. EGP 2.0 billion.
O West continues to affirm its leading position in West Cairo and recorded EGP 2.4 billion in sales for 1H 2022, a growth of 73.6% compared to EGP 1.4 billion in 1H 2021.
In Makadi Heights, real estate sales reached EGP 304.4 million in 1H 2022 (1H 2021: EGP 583.9 million), as we had purposefully decided to slow down sales in the destination until we have finalized the land concern issue with the Tourism and Development Authority (TDA) in June 2022.
We continued to increase our average selling prices per sqm across all destinations, whereby El Gouna’s average selling prices increased by 14.4%, O West prices increased by 28.8% and Makadi Heights prices increased by 25.2% vs. 1H 2021.
ODE’s Hospitality Resilient, Outperforming the Broader Hospitality Market in Egypt
ODE hotels' proven business model once again delivered impressive quarterly results despite various macro and geopolitical challenges around the globe. Q2 2022 KPIs showed a healthy increase in both occupancy and ARRs driven by the return of both the corporate and leisure inbound tourists.
Our Hotels in El Gouna and Taba Heights have benefited from the uptick of the Egyptian hospitality segment with occupancies for Q2 2022 reaching 72% and 23% respectively, while 1H 2022, occupancies reached 66% and 16%. Foreigners represented 72% of our total occupancy in Gouna during 1H 2022 and 75% during Q2 2022.
