Orascom DH with more revenue in the first nine months
Published: Wednesday, Nov 13th 2024, 23:20
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The real estate developer and hotel operator Orascom DH increased its turnover in the first nine months of 2024. However, currency losses and one-off effects left the company, which holds a stake in Andermatt Swiss Alps, in the red.
Sales rose by 7.6 percent to CHF 437.0 million from January to September, as the company owned by the Egyptian entrepreneurial Sawiris family announced on Thursday. Meanwhile, adjusted operating profit (EBITDA) rose by 16.5 percent to 128.8 million. The corresponding margin was 29.5 percent, compared to 27.2 percent in the previous year.
However, this resulted in a loss of CHF 17.1 million after a surplus of CHF 27.8 million in the previous year. This was mainly due to currency losses of 40.5 million francs, mainly due to the weakness of the Egyptian pound.
The sale of the RAK Hotel also had a negative impact of 11.0 million, as did losses of 8.6 million from the associated company Andermatt Swiss Alps. Orascom DH owns 49% of this company, while the remainder (51%) is privately owned by Samih Sawiris.
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