Orascom in the black
Orascom Development Holding (ODH) increased its sales by 36.3 percent to CHF 164.5 million in the first half of 2015. Gross profit tripled to CHF 49.8 million. Adjusted Ebitda increased from CHF 10.7 million to CHF 49.9 million. However, net profit after minorities was only CHF four million. In the same period of the previous year, it was CHF 31.5 million, but at that time one-off gains from the settlement of a legal dispute had been included.
All business areas contributed to the growth, Orascom says. In line with the group's strategy, ODH sold 100 percent of its shares in Golden Beach for Hotels, which owns the Marina Town Plaza Hotel in Jordan, to Jordan Projects for Touristic Development for CHF 10.1 million.
The occupancy rate of the hotels was increased from 44 percent in the first half of 2014 to now 52 percent. Sales of the Hotels segment increased by 19.9 percent to CHF 58.5 million.
In Real Estate, sales reached CHF 41.1 million, compared to CHF 49.5 million in the first half of 2014. Revenue from real estate sales increased by 28.3 percent and reached CHF 145 million in the first half of 2015.
In the third and fourth quarters of this year, ODH plans to spend a total of US$50 million on new launches in El Gouna, particularly the revitalization of the Makadi and Fayoum destinations. In late 2015 and early 2016, the Ancient Sands Hotels in El Gouna, Byoum Hotel in El Fayoum, Al Fanar Hotel in Salalah and The Cove Hotel expansion in the UAE, which are under construction, are scheduled to open. (ah)
