par Orascom Development Holding AG (isin : CH0038285679)
Orascom Development Holding AG: announces operational update for FY 2022
Orascom Development Holding AG / Key word(s): Miscellaneous/Miscellaneous
Orascom Development Holding AG: announces operational update for FY 2022
30-Jan-2023 / 07:00 CET/CEST
Release of an ad hoc announcement pursuant to Art. 53 LR
The issuer is solely responsible for the content of this announcement.
Ad hoc announcement pursuant to Art. 53 LR.
Press Release
Orascom Development Holding (ODH); announces operational update for FY 2022
Altdorf, 30 January 2023 – Orascom Development Holding (ODH) announces its preliminary real estate and hotels KPIs’ for FY 2022. Full results will be announced on March 30, 2023.
Real Estate FY 2022 KPIs:
New sales for Q4 2022 reached CHF 243.4 million, a 10.8% increase from CHF 219.6 million in Q4 2021. That brings our FY 2022 net real estate sales value to CHF 714.2 million, 7.5% increase over FY 2021.
Omar El Hamamsy, Group CEO of Orascom Development, commented: “Despite various macroeconomic challenges in our region, including the Egyptian currency devaluation, our operations continued to progress. We had a robust quarter with strong demand, especially in O West in Egypt, Hawana Salalah in Oman and Luštica Bay in Montenegro. We increased our average selling prices per sqm across all destinations. Our strong performance in 2022 is a testament to our team’s dedication, tailored and high-quality products and strong customer relationships."
FY 2022 vs. FY 2021 Real Estate KPIs*:
Net value of contractedunits (CHF mn) Number of contracted units Average selling price
(CHF/m2) Country Destination FY 2022 FY 2021 Δ in % FY 2022 FY 2021 Δ in % FY 2022 FY 2021 Δ in % Egypt El Gouna 223.9 235.7 (5.0%) 389 381 2.1% 3,641 3,565 2.1% Makadi Heights & Byoum* 48.0 69.2 (30.6%) 224 344 (34.9%) 1,796 1,767 1.6% O West 289.6 231.2 25.3% 831 730 13.8% 1,934 1,786 8.3% Oman Jebel Sifah 16.4 27.5 (40.4%) 54 87 (37.9%) 2,729 2,331 17.1% Hawana Salalah 36.9 10.4 254.8% 149 63 136.5% 2,428 2,093 16.0% Montenegro Luštica Bay 90.1 58.4 54.3% 88 113 (22.1%) 5,685 5,091 11.7% UK Eco Bos 9.3 31.9 (70.8%) 26 130 (80.0%) 3,629 3,098 17.1% Switzerland Andermatt 151.3 122.0 24.0% 70 92 (23.9%) 17,960 15,368 16.9% ODH excluding Andermatt** 714.2 664.3 7.5% 1,761 1,848 (4.7%)
ODH including Andermatt** 865.5 786.3 10.1% 1,831 1,940 (5.6%)
* Net sales value for FY 2021 includes 2 units sold in Fayoum for CHF 0.3mn.
** Andermatt figures are not included in ODH net sales figures as ODH owns 49% stake of Andermatt and thus it is not consolidated.
FY 2022 Hotels KPIs:
Omar El Hamamsy, Group CEO of Orascom Development, added: “Orascom Development’s Hotels’ proven business model once again delivered impressive quarterly results, despite a challenging regional economic environment. Our hotels exhibited solid growth during 2022, primarily driven by strong average daily rates and enduring leisure demand. With further room for occupancy to increase, we look forward to it growing steadily in the future.”
In Egypt, our hotels in El Gouna and Taba Heights have benefited from the uptick in the Egyptian hospitality segment with occupancies for FY 2022 reached 70% and 29% up from 45% and 11% respectively.
Our Hotels in Hawana Salalah, Oman experienced a positive change of events since the beginning of 2022. Total occupancy during FY 2022 reached 41% (FY 2021: 13%). In UAE, The Cove continues to be one of the best performing hotels destinations for the Group with occupancy up to 65% in FY 2022 from 55% in FY 2021.
In Luštica Bay, Montenegro, The Chedi Hotel continued to draw a considerable attention and interest from local and international markets, reporting 46% occupancy during FY 2022.
In Andermatt, Switzerland, during FY 2022, The Chedi Andermatt reported a 68% occupancy while Radisson Blu Hotel Reussen’s occupancy reached 48%. Overall, the occupancy for Andermatt hotels reached 55% (FY 2021: 53%).
FY 2022 vs. FY 2021 Hotels KPIs:
Occ. for available rooms (%) | ARR (CHF) | TRevPAR (CHF) | GOP PAR (CHF) | |||||||||
Destination | FY 2022 | FY 2021 | FY 2022 | FY 2021 | FY 2022 | FY 2021 | FY 2022 | FY 2021 | ||||
El Gouna | 70% | 45% | 82 | 85 | 82 | 53 | 41 | 24 | ||||
Taba Heights | 29% | 11% | 50 | 31 | 19 | 5 | 3 | (3) | ||||
Hawana Salalah | 41% | 13% | 110 | 89 | 68 | 18 | 12 | (12) | ||||
Jebal Sifah | 38% | 40% | 126 | 110 | 112 | 81 | (9) | (6) | ||||
UAE | 65% | 55% | 124 | 132 | 147 | 119 | 43 | 32 | ||||
Montenegro | 46% | 45% | 186 | 179 | 166 | 140 | 14 | 8 | ||||
Andermatt* | 55% | 53% | 518 | 515 | 475 | 475 | 108 | 124 |
* Andermatt figures are not included in ODH numbers as ODH owns 49% stake of Andermatt and thus it is not consolidated.
* Occupancy rates reflects the occupancy from hotel guests only, not factoring in the room nights generated with residence owners.
About Orascom Development Holding (ODH):
ODH is a leading developer of fully integrated destinations that include hotels, private villas and apartments, leisure facilities such as golf courses, marinas and supporting infrastructure. ODH's destinations are distributed over seven different countries (Egypt, UAE, Oman, Switzerland, Morocco, Montenegro, and United Kingdom), with primary focus on touristic destinations. ODH currently operates nine destinations: four in Egypt (El Gouna, Taba Heights, Makadi Heights and Byoum), The Cove in the United Arab Emirates, Jebel Sifah and Hawana Salalah in Oman, Luštica Bay in Montenegro, and Andermatt in Switzerland. ODH recently launched O West, the latest addition to its portfolio and its first project in Cairo, Egypt, located on the Sixth of October City.
Contact for Investors:
Ashraf Nessim
Chief Financial Officer
Mobile: +20 122 213 1612
Tel: +41 418 74 17 11
Email: ir@orascomdh.com
Ahmed Abou El Ella
Investor Relations Director
Mobile: +20 122 129 5555
Email: ahmed.abouelella@orascomdh.com
Philippe Blangey
Partner
Dynamics Group AG
Tel: +41 432 68 32 35
Email: prb@dynamicsgroup.ch
Disclaimer and Cautionary Statement
The information contained in this e-mail, its attachment and in any link to our website indicated herein is not for use within any country or jurisdiction or by any persons where such use would constitute a violation of law. If this applies to you, you are not authorized to access or use any such information. Certain statements in this e-mail and the attached news release may be forward-looking statements, including, but not limited to, statements that are predications of or indicate future events, trends, plans or objectives. Forward-looking statements include statements regarding our targeted profit improvement, return on equity targets, expense reductions, pricing conditions, dividend policy and underwriting claims improvements. Undue reliance should not be placed on such statements because, by their nature, they are subject to known and unknown risks and uncertainties and can be affected by other factors that could cause actual results and Orascom Development Holding’s plans and objectives to differ materially from those expressed or implied in the forward-looking statements (or from past results). Factors such as (i) general economic conditions and competitive factors, particularly in our key markets; (ii) performance of financial markets; (iii) levels of interest rates and currency exchange rates; and (vii) changes in laws and regulations and in the policies of regulators may have a direct bearing on Orascom Development Holding’s results of operations and on whether Orascom Development Holding will achieve its targets. Orascom Development Holding undertakes no obligation to publicly update or revise any of these forward-looking statements, whether to reflect new information, future events, or circumstances or otherwise. It should further be noted that past performance is not a guide to future performance. Please also note that interim results are not necessarily indicative of the full-year results. Persons requiring advice should consult an independent adviser.
End of Inside Information
Language: | English |
Company: | Orascom Development Holding AG |
Gotthardstraße 12 | |
6460 Altdorf | |
Switzerland | |
Phone: | +41 41 874 17 17 |
Fax: | +41 41 874 17 07 |
E-mail: | ir@orascomdh.com |
Internet: | www.orascomdh.com |
ISIN: | CH0038285679 |
Valor: | A0NJ37 |
Listed: | SIX Swiss Exchange |
EQS News ID: | 1545883 |
End of Announcement | EQS News Service |
1545883 30-Jan-2023 CET/CEST