ODH: Adjusted EBITDA increases significantly
Orascom Development Holding has presented its figures for the 2024 financial year. It highlights the strong performance of the Andermatt Swiss Alps investment in the fourth quarter.
The Swiss-domiciled real estate group Orascom Development Holding (ODH) reported adjusted EBITDA of CHF 189 million for the 2024 financial year, an increase of CHF 12%. Gross profit increased by CHF 10.5% to CHF 203.3 million, which corresponds to a margin of CHF 32.2% (previous year: CHF 29.1%). Profit nevertheless fell from CHF 54.4 million to CHF 8.3 million. The company speaks of "good figures" despite a difficult environment and refers to the tensions in the Middle East and general economic instability. The devaluation of the Egyptian pound played a major role for the company, which has a strong presence in Egypt in particular. This led to a currency loss of around CHF 33 million.
ASA with rising hotel sales and falling real estate revenues
In its figures, Orascom also points to a "good performance" by Andermatt Swiss Alps (ASA). The company, in which ODH holds a stake of 49%, reported a year-on-year increase in net profit of 116.7% to CHF 10.4 million in the fourth quarter. ODH puts the contribution of Andermatt's profit for the year as a whole at CHF 1.8 million.
According to ASA's annual report, the company's pre-tax profit for the year as a whole amounted to just under CHF 4 million, leaving a profit of CHF 1.3 million after taxes - roughly the same as in the previous year. In terms of segments, the course of the year was quite varied: sales in the hotel segment climbed from CHF 52.8 million to CHF 59.2 million, while sales in the real estate segment fell from CHF 202.9 million to CHF 189.9 million. The volume of contracted sales fell by 8.4% to CHF 141.5 million in 2024, while the average room rate (ARR) for hotel rooms rose from CHF 458 to CHF 472. (aw)
