Orascom Development: International sales significantly increased
Although Orascom Development Holding will not present its full financial figures until August, it is reporting significantly more sales in advance.
According to preliminary figures of the company listed on the SIX Swiss Exchange, sales revenue in Q2 increased by 31% to CHF 173.5 million. This brings first-half sales to CHF 306.5 million, an increase of 10.2%. In Andermatt, however, net property sales declined slightly by 4.9% to CHF 88.6 million in H1. For the hotel business, Orascom reports increased occupancy rates internationally. In Andermatt, "The Chedi" achieved an occupancy rate of 71% and the Radisson Blu Hotel Reussen of 50% in H1. Overall, hotel occupancy in Andermatt reached 56% in H1, compared to 54% in H1 2021.
Orascom will not publish its actual financial results until Aug. 17. So far, it is only talking about a robust quarter in its real estate business "despite various macro and geopolitical challenges around the globe and the depreciation of the Egyptian pound against foreign currencies." (aw)
