Andermatt Swiss Alps makes a profit in 2023
Published: Tuesday, Mar 26th 2024, 13:11
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Andermatt Swiss Alps (ASA) significantly increased its turnover last year. This was mainly due to the good performance of the real estate business, while occupancy at the luxury hotel "The Chedi" was somewhat lower. On balance, the group owned by Egyptian investor Samih Sawiris made a profit from ongoing business for the first time.
Sales rose by more than 40 percent last year to 256 million Swiss francs, as ASA announced on Tuesday. Meanwhile, operating profit increased by 20 percent to 24.9 million.
The bottom line was a net profit from ordinary business of 1.3 million francs for the first time since the company was founded in 2007. The Group had already posted a profit of CHF 34.3 million in the previous year, although at that time it benefited from the sale of the Andermatt-Sedrun ski area to the US group Vail Resorts.
Record high real estate sales
Property sales reached another record high last year. For example, 60 apartments were sold in Andermatt, with the average price per square meter rising to CHF 19,000 from CHF 17,000 in the previous year. Overall, income rose by 2.2 percent to CHF 154 million.
By the end of 2023, 721 of a total of 757 apartments and hotel residences completed or under construction had already been sold, according to the report. Two thirds of the buyers live in Switzerland, around 14% come from the EU and around 20% from the rest of the world.
Hotel business mixed
However, turnover at the five-star hotel "The Chedi Andermatt" fell by 8 percent to 38.1 million francs in its 10th year of operation. The number of guests decreased by 9.4 percent to 53,000 and occupancy fell to 58 percent from 68 percent in the previous year.
In contrast, the "Radisson Blu Hotel Reussen" was able to increase its turnover slightly to 15.5 million. With a good 74,500 guests, the occupancy rate was around 55%, compared to 48% in the previous year.
The rental of vacation apartments has developed positively, the report continues. Turnover here increased by 11 percent to 3.5 million francs. The number of vacation apartments rented out increased by 10 percent compared to the previous year and amounted to 160 properties at the end of the year.
Further investments
Looking ahead, the Group remains optimistic. Construction work on two more apartment buildings will begin in 2024 and work will continue on six other buildings, it says. In addition, a shopping and gastronomy zone is to be built in the Andermatt Reuss part of the village by the end of 2024.
Andermatt Swiss Alps has already invested around 1.5 billion Swiss francs since the start of the project. The majority of the company is privately owned by Samih Sawiris, while 49% is owned by the listed company Orascom DH.
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