Orascom: Black figures in the third quarter
Orascom Development Holding reports a net profit of CHF 3.7 million for the third quarter. In the previous year, the real estate developer still made a loss of CHF 7.4 million.
Results for the third quarter were driven by growth in the real estate segment and improvement in hospitality, Orascom Development Holding (ODH) says. Total revenue was CHF145.9m, up 51.3% from the same period last year (96.4m). Gross profit increased by 87.2% to 40.8 million (previous year: 21.8 million). Adjusted Ebitda increased by 166.9% to 35.5 million (previous year: 13.3 million) and the margin reached 24.3% (previous year: 13.8%). Net profit reached 3.7m compared to a net loss of 7.4m in Q320.
Property sales in the third quarter were 166.5 million, up 62.3% from 102.6 million a year earlier. In the first nine months, ODH sold properties for 444.9 million, up 51.1% from the same period a year earlier. It said the growth was due to an increase in average selling prices and a higher number of units sold. ODH also reported improved results in the hotels segment in Q32021 as tourism picked up. Revenue rose 159.8% to 27.8 million from 10.7 million a year ago and gross profit reached 5.8 million from -2.3 million a year ago. Adjusted Ebitda reached 4.5 million after a minus of 3.9 million in the same period last year.
For the first nine months of 2021, ODH reported total revenue of 371.6m (+42.7%; prev. yr: 260.4m). Gross profit reached 111.3m with a margin of 30.0% (prev. yr: 65.3m and 25.1%). Adjusted Ebitda increased by 131.1% to 93.6M (prev. yr: 40.5M) and net profit reached 9.0M after a loss of 26.6M in the first nine months of 2020. (ah)
