ODH increases sales and profit

Orascom Development Holding (ODH) has made a good start to 2022. In the first quarter, the company recorded strong growth, which was mainly due to the real estate segment, according to ODH. Business development in the hotels and town management segments also improved, it said.

For the first quarter, ODH reported sales of CHF 141.9 million (Q1 2021: 106.5 million; +33.2%). Gross profit increased by 22.8% to CHF 43.7 million (Q1 2021: 35.6 million) with a gross margin of 30.8%. Adjusted EBITDA increased to CHF37.5 million (Q1 2021: 29.4 million) and EBITDA increased by more than half to CHF40.0 million (Q1 2021: 25.8 million).

The share in associated companies posted a profit of CHF 11.6 million, compared with a loss of CHF 4.3 million in the same quarter of the previous year. This was mainly due to the improved performance of the investment in Andermatt Swiss Alps, ODH reports: Here there was a profit of CHF 10.3 million in the first quarter of 2022 (Q1 2021: -4.5 million).

ODH's first quarter net profit more than quadrupled to CHF 17.5 million (Q1 2021: 3.1 million) with a net profit margin of 12.3%. Net profit adjusted for currency effects and non-operating one-off transactions increased from CHF 2.4 million to CHF 26.6 million. (ah)