Ad hoc notice in accordance with art. 53LR.
press release
Orascom Development Holding (ODH); announces an operational update for the first part of 2022
Real Estate KPI 1S 2022 :
New sales for the second quarter of 2022 reached CHF 173. 5 million, an increase of 31. 0% to CHF 132. 4 million in the second quarter of 2021. This brings the price of our sales in the second half of 2022 to CHF 306. 6 million, an increase of 10. 2% until the half of 2021.
Despite demanding macro and geopolitical situations around the world and the devaluation of the Egyptian pound against foreign currencies, our steady investments in real estate continued to grow in the current quarter of 2022. We had a physically strong quarter with strong demand for our number one. and momentary residences, complemented by strong sales. Dynamism especially in Egypt and Montenegro. We also continue to increase our average promotion costs consistent with m² in all destinations.
In El Gouna, sales of new real estate reached CHF 108. 2 million in the first half of 2022, compared to CHF 117. 5 million in the second half of 2021. an increase of 64. 5% compared to CHF 80. 2 million in H2021. In Makadi Heights, sales of new assets reached CHF 16. 7 million in H 2022 (H1 2021: CHF 33. 8 million), as we intended to reduce sales at the destination until we finalized land registration with the government in June 2022.
Interest in Montenegro’s Lutica Bay has continued to grow since last year. Net real estate sales increased by 33. 9% to CHF 24. 5 million in H2022 to CHF 18. 3 million in H 2021.
In Berlin, Switzerland, real estate sales reached CHF 88. 6 million in H2022 (H2022: CHF 93. 1 million).
Real Estate KPI 1S 2022 vs 1S 2021*:
* Net sales for the first half of 2021 include 3 games sold on Fayoum for CHF 0. 5mn.
KPI Hotels 1S 2022 :
Once reversed, the business style shown by ODH hotels generated impressive quarterly effects despite demanding macro and geopolitical situations around the world. KPIs for the current quarter of 2022 showed a healthy buildup in occupancy and ARR, driven by business and recreational tourists.
In Egypt, our hotels in El Gouna and Taba Heights benefited from expansion in the Egyptian hotel segment with occupancy rates for the current quarter of 2022 reaching 72% and 23%, respectively, while in the first part of 2022, occupancy rates reached 66% and 16%. Foreigners accounted for 72% of our overall occupancy in Gouna in the first half of 2022 and 75% in the second quarter of 2022.
Our hotels in Oman have experienced a positive renovation at times since the beginning of 2022, with the lifting of Covid-19 restrictions, and hotels have been allowed to operate at one hundred percent capacity. Total occupancy in H1 2022 reached 34% compared to only 5% in H1 2021.
In Lutica Bay, Montenegro, the summer season looks very promising with strong demand from surrounding regional markets. The Chedi Hotel continued to attract abundant attention and interest from local and foreign markets, recording an occupancy rate from 61% in the current quarter of 2022 to 48% in the current quarter of 2021. The overall occupancy rate for H1 2022 reached 45%, to 29% in H1 2021.
In Forgetmatt, Switzerland, The Chedi Andermatt reported an occupancy rate of 71% as of H1 2022 and the occupancy rate at the Radisson Blu Hotel Reussen reached 50% on H1 2022. Overall, the occupancy rate of Andermatt hotels in H1 2022 reached 56%, to 54% in H1 2021.
1S 2022 vs 1S 2021 KPI Hotels:
* Andermatt’s figures are not included in the ODH figures because ODH owns 49% of Andermatt’s capital and is not consolidated.
About Orascom Development Holding (ODH):
ODH is a leading developer of fully incorporated destinations that add hotels, villas and personal apartments, recreational services such as golf courses, marinas and supporting infrastructure. ODH destinations are distributed in seven other countries (Egypt, Oman, Switzerland, Morocco, Montenegro, United Arab Emirates). Emirates and the United Kingdom), with a specialization in tourist destinations. ODH recently operates nine destinations: 4 in Egypt (El Gouna, Taba Heights, Makadi Heights and Byoum), The Cove in the United Arab Emirates, Jebel Sifah and Hawana Salalah in Oman, Lutica Bay in Montenegro and Andermatt in Switzerland. ODH recently introduced O West, the latest addition to its portfolio and its first assignment in Cairo, Egypt, located in the city of October Six.
1400453 19-July-2022 CET/CEST