Andermatt Swiss Alps writes profit for the first time in 2022
Real estate sales of the Andermatt Swiss Alps Group reached a new high in 2022. For the first time since its foundation, the group also reports a net profit.
The Andermatt Swiss Alps Group (ASA) achieved sales of CHF 180.9 million in the 2022 financial year (previous year: CHF 180.5 million) and a gross profit of CHF 42.4 million. The bottom line also remains positive for the group: for the first time since its foundation, ASA reports a positive net result. Together with the result from discontinued operations and the one-time gain from the sale of the stake in Andermatt-Sedrun Sport AG to Vail Resorts, the result is a net profit of CHF 34.3 million. In the previous year, there was a net loss of CHF 8.0 million. Real estate sales increased compared with the previous year by 24% to CHF 151.1 million, which is a new record. Real estate sales had already reached record levels in the two previous years.
"The continued growth in demand at Andermatt and the renewed increase in gross profit despite a challenging market environment are very pleasing," says CEO Raphael Krucker. "The fact that we were able to post a profit for the first time, including the one-time gain from the transaction with Vail Resorts, Inc. is a milestone for the Andermatt Swiss Alps Group."
Since the start of the project in 2007, around CHF 1.4 billion has been invested. In the coming years, further investments of around CHF 500 million are planned in Andermatt and Sedrun, ASA said. Construction of six apartment buildings and initial work on a new lifestyle and sports hotel are planned for 2023. In the Andermatt Reuss part of the village, a new shopping and gastronomy zone will be built by the end of 2024. (ah)
