Orascom Development Holding AG: has released its consolidated financial results for FY 2024

Orascom Development Holding AG / Key word(s): Annual Results/Annual Results
Orascom Development Holding AG: has released its consolidated financial results for FY 2024

26-March-2025 / 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.

Orascom Development Holding (“ODH”) (SIX ODHN.SW) has released its consolidated financial results for FY 2024.

ODH finished the year with a strong performance despite being impacted by the EGP devaluation: real estate sales of ~ CHF 818 million, revenue of CHF 631 million, and adj. EBITDA is up by 12% to CHF 189 million.

Altdorf, 26 March 2025 – ODH exhibited strong operational and financial performance in FY 2024 despite a challenging environment characterized by the ongoing conflict in Gaza, geopolitical tensions in the Middle East, and economic instability. These results underscore effective management in a complex macroeconomic landscape. The Egyptian Pound (EGP) devaluation impacted our financial results, resulting in a non-cash foreign exchange loss of approximately CHF 33 million. Our approach has proven robust amid inflationary pressures, enabling us to adapt and thrive in an unpredictable economy. A strong focus on innovation and operational effectiveness has been key to our success. These elements have supported our ability to drive significant revenue growth, leading to improved Adj. EBITDA and expanding our margins. By strategically diversifying our operations and enhancing our service offerings, ODH has positioned itself to withstand external shocks better and capitalize on growth opportunities.

Key Financial Highlights for Q4 2024:

Total revenue: In Q4 2024, currency translation arising from our subsidiary operations in Egypt adversely affected our revenue, resulting in a decrease of 13.9% to CHF 193.9 million, compared to CHF 225.2 million in Q4 2023.
Strong gross profit: Amid a challenging inflationary environment, we successfully increased our gross profit by 12.8%, achieving a gross profit of CHF 68.7 million associated with a 35.4% margin. This performance is an improvement from CHF 60.9 million, with a margin of 27.0% in Q4 2023.
Share of associates: Our share of associates increased significantly by 93.3%, a noteworthy improvement primarily driven by Andermatt Swiss Alps' (ASA) exceptional performance throughout the quarter. ASA's net profit during Q4 2024 increased by 116.7% to CHF 10.4 million compared to Q4 2023.
Net profit: Our bottom-line performance reported a profit of CHF 25.3 million (Q4 2023: CHF 26.6 million).

Key Financial Highlights for FY 2024:

Total revenue: Our revenues remained steady at CHF 630.9 million, demonstrating resilience in the face of external challenges. This stability was achieved despite the negative impact of currency translation fluctuations stemming from our operations in Egypt.
Gross profit: up by 10.5% to CHF 203.3 million, with a margin of 32.2%. This growth occurred despite rising material costs due to the prevailing inflationary environment, which signals our operational excellence.
Land revenues: up by 282.6% to reach CHF 44.0 million, mainly from the landmark sales in El Gouna.
Recurring income segments: Our hotels and commercial assets have exhibited commendable performance, with revenues rising by 6.1% to CHF 231.0 million in FY 2024.
Achieved the highest ever Adj. EBITDA: We have achieved a record-high adjusted EBITDA, which has increased by 11.5% to CHF 189.1 million. This represents the highest level attained to date, with a margin of 30.0% compared to 26.9% from the previous period, thereby highlighting our unwavering commitment to operational excellence.
Finance costs: increased by 18.1% to CHF 57.5 million, primarily due to the rise in interest rates.
Other gains and losses: Increased by 322.3% to reach a loss of CHF 79.4 million vs. a loss of CHF 18.8 million in FY 2023. The main factors for FY 2024 losses were due to a one-off foreign exchange loss of CHF 33.2 million, primarily driven by the devaluation of the EGP against other currencies. In addition, CHF 9.3 million came mainly from the sale of RAK in UAE. It is important to highlight that these losses are recorded as non-cash items and do not negatively affect the company’s cash flow, demonstrating our ongoing focus on operational efficiency and financial stability.
Strong adjusted net income performance: ODH reported an adjusted net income of CHF 87.7 million, a 19.8% increase compared to CHF 73.2 million in FY 2023. This figure excludes all other gains and losses, including foreign exchange fluctuations and non-operational one-off transactions.
Cash from operations: increased by 76.5% to CHF 158.0 million during FY 2024, driven by improved operational performance across all business segments.

When accounting for one-off items, ODH's net income closed the year at CHF 8.3 million, compared to a net profit of CHF 54.4 million reported in FY 2023.

Record-breaking real estate sales: Net sales increased by 16% to CHF 818 million, while the deferred revenue balance rose by 19% to CHF 882 million. This provides strong visibility on our real estate revenue over the coming years.

In 2024, ODH achieved significant milestones in the real estate sector. The total new real estate sales reached CHF 817.8 million, reflecting an increase of 16.1% compared to the previous year’s figures. This surge in sales can largely be attributed to a rise in the average selling prices of properties, indicating a healthy demand in the market. Furthermore, the number of units sold also saw a positive trend, with an increase of 2.7%, culminating in a total of 2,172 units sold throughout the year. This combination of higher prices and a steady rise in unit sales demonstrates a robust real estate market and confidence in our real estate product across all our destinations. Our revenues were down by 11.5% in FY 2024 to CHF 355.9 million, mainly due to EGP devaluation, the Adj. EBITDA reached CHF 118.0 million in FY 2024, corresponding to a margin of 33.2% and reaffirming our dedication to operational excellence compared to a margin of 32.9% in FY 2023.

Group Hotels: Despite various challenges, our hospitality segment saw a notable revenue increase with CHF 152 million and a 36% Adj. EBITDA margin compared to the previous year, reflecting strong performance and resilience

ODH Hotels' established business model again yielded favorable results despite prevailing macroeconomic and geopolitical challenges worldwide. Our hotels maintained a strong revenue performance during Q4 2024, with revenues increasing by 15.5% to CHF 44.6 million compared to Q4 2023. This revenue growth has also supported the overall revenue growth for FY 2024, which increased by 4.1% to reach CHF 152.2 million compared to FY 2023. The ability of our hotels to uphold high occupancy rates and improve room rates has been pivotal in driving this growth despite being affected by the devaluation of the EGP, which impacted the financial performance of our Egyptian hotels when reported in CHF. In EGP, total Egyptian hotel revenues increased by 42%, whereas in CHF, a 3% decline was attributable to the EGP devaluation. We have achieved a healthy margin and strong financial results, and Adj. EBITDA margin reached 36% in FY 2024 and 41% in Q4 2024. In FY 2024, our GOP remained stable at CHF 64.0 million; in Q4 2024, it reached CHF 22.6 million, up by 30%. This resilient financial performance highlights our hotels' ability to navigate a challenging market environment.

Robust growth in the commercial assets segment highlights the company's commitment to strategic excellence. Revenues increased by 10% to CHF 79 million.

In Q4 2024, the revenue from these commercial assets amounted to CHF 21.8 million, reflecting an increase of 5.3% compared to Q4 2023. These positive developments have collectively driven the segment’s overall revenue to CHF 78.8 million, which marks a 10.1% growth compared to FY 2023. This growth highlights this segment's critical role in ensuring stable cash flow and providing vital support to the organization in the face of unforeseen circumstances. Additionally, the Adj. EBITDA has notably outpaced revenue growth, proving our commitment to operational excellence, specifically, the Adj. EBITDA has surged by an impressive 60.0%, reaching CHF 16.8 million during FY 2024. This exceptional performance has resulted in a margin of 21.3%, a significant improvement from the margin of 14.7% reported in FY 2023. In addition to these annual achievements, Q4 2024 also marked a notable milestone, as the segment achieved an outstanding margin of 30.3%. This figure represents an improvement from the 21.7% margin recorded in the same quarter of the previous year.

Details on Destinations

El Gouna, Red Sea:

El Gouna continues solidifying its status as the premier destination of choice, achieving record real estate sales of CHF 247.9 million, a substantial 11.6% increase from FY 2023. This remarkable growth in net real estate sales was primarily driven by a significant rise in average selling prices, which soared by 23.5% to CHF 4,655/sqm compared to the previous fiscal year. In Q4 2024, average selling prices surged by 36.3%, reaching CHF 5,598/sqm. In EGP terms, real estate sales in FY 2024 increased by 64%, with average selling prices up by 81%. Throughout the year, El Gouna delivered 371 units to clients across various projects, with plans to deliver an additional 394 units in 2025. In line with our land monetization acceleration strategy, we successfully finalized two significant land sales in Q4 2024, generating approximately CHF 40 million. Our land revenues surged by 184.3%, reaching CHF 32.7 million for FY 2024.

El Gouna’s hotels achieved record-breaking revenues in 2024, demonstrating remarkable resilience in the face of global challenges. For FY 2024, hotel revenues grew by 9.0% to CHF 87.3 million, marking the highest level ever recorded. The occupancy rate for Q4 2024 was an impressive 79%, with an overall occupancy rate of 71% for the fiscal year. Notably, 79% of hotel guests were international visitors. Despite the devaluation of the EGP, we successfully increased our hotels' Average Room Rates (ARRs) to CHF 91, reflecting an 8.3% increase from FY 2023 and an impressive 58% increase in EGP terms. In the commercial assets segment, El Gouna saw a remarkable 8.1% increase in revenue, bringing the total to CHF 55.9 million. Overall, El Gouna's total revenues for FY 2024 reached CHF 301.7 million, marking a 4.0% increase, while in EGP currency, total revenues increased by 52.4%.

O West, Egypt:

Figures continued to strengthen in EGP, but in CHF were diluted due to the local currency devaluation. Net real estate sales decreased by 6.5% to CHF 250.6 million in FY 2024 compared to CHF 267.9 million in FY 2023. However, we maintained our strategy of increasing the average selling prices, which rose by 17.7% to CHF 1,991/sqm in FY 2024. Meanwhile, in EGP terms, net real estate sales increased by 37.3%, with average selling prices up by 72.8% compared to FY 2023. We continued implementing our strategy of accelerating construction and procuring raw materials to mitigate potential inflation, successfully delivering 1,015 units in 2024. Construction of the O West Club is progressing steadily and is expected to be partially operational during 2025, with over 4,900 members providing steady recurring income. Due to currency translation, O West's total revenues decreased by 10.2% to CHF 105.0 million. However, in EGP, the total revenues of O West increased by 31.7% compared to FY 2023.

Luštica Bay, Montenegro:

Luštica Bay achieved a record-breaking result in its operational and financial performance in 2024. Luštica Bay achieved remarkable real estate sales totaling CHF 107.9 million, representing a 22.8% increase compared to CHF 87.9 million in FY 2023. This success was driven by the sale of 145 units, an 18.9% increase from the previous year, with the average selling price reaching CHF 7,728/sqm. In 2024, Luštica Bay delivered 71 units across Centrale and Marina Village, with plans to deliver an additional 92 units in 2025. The Chedi Hotel, a summer-only destination, also performed well, with occupancy rates reaching 40% during FY 2024 compared to 36% in FY 2023. Total revenues from Luštica Bay saw a 19.7% increase, reaching CHF 79.5 million compared to FY 2023.

Hawana Salalah and Jebal Sifah, Oman:

In 2024, Oman’s monsoon weather, known as the “Khareef” season, began later than usual in mid-October, which impacted hotel occupancy rates in Hawana Salalah. Despite this, hotels in Hawana experienced growth, with revenues increasing by 20.3% to reach CHF 51.0 million for FY 2024. Hotel occupancy rates rose to 62% compared to 61% in FY 2023, and average room rates (ARRs) increased by 8.4% to CHF 129. Net real estate sales in FY 2024 continued to rise from the beginning of the year, reaching CHF 34.8 million, representing a 54.7% increase compared to FY 2023. This growth was also reflected in the number of units sold, which rose by 56.7% to 94 units during FY 2024. Total revenues from Hawana Salalah increased by 10.5% to CHF 70.8 million, driven by heightened demand for hospitality services in Salalah.

Our second destination in Oman, Jebal Sifah, has also shown impressive growth in 2024. Real estate sales increased by 81.1% to CHF 20.1 million during FY 2024, indicating a promising shift in the real estate market and reflecting rising demand. Additionally, the number of contracted units increased by 157.1% compared to FY 2023, reaching 72 units sold. Construction progress and real estate deliveries in Jebel Sifah are advancing steadily across multiple projects. In FY 2024, a total of 120 units were successfully delivered and handed over as scheduled. Total revenues from Jebal Sifah reached CHF 27.8 million during FY 2024, an increase of 11.2% compared to FY 2023.

Makadi Heights, Egypt:

Makadi Heights achieved a remarkable sales performance in 2024, setting new records and demonstrating significant growth across various metrics. The net value of contracted units surged by an impressive 89.7%, reaching CHF 148.7 million for FY 2024. This achievement marks the highest sales figures since the destination's launch. The increase in sales was accompanied by a 16.8% rise in real estate average selling prices, reaching CHF 1,791/sqm. Additionally, the number of units sold increased by 68.4%, with 731 units sold during FY 2024. International sales constituted 59% of the total real estate sales during FY 2024. In EGP, the net value of contracted units increased by 178.4% compared to FY 2023, while average selling prices were up by 71.5%. This indicates the growing value of our properties. During the year, 500 units were successfully handed over to clients, most being ahead of schedule due to the destination's rapid construction progress. Due to currency translation, Makadi Heights' total revenues decreased by 6.5% to CHF 28.6 million. However, in EGP, total revenues increased by 37.4% compared to FY 2023.

*Revenue by segment (CHFmn)*	Q4 24	Q4 23 restated*	FY 24	FY 23 restated*
Hotels	44.6	38.6	152.2	146.2
Real estate	111.0	165.9	355.9	402.0
Land	16.5	–	44.0	11.5
Commercial assets	21.8	20.7	78.8	71.6
ODH Group	193.9	225.2	630.9	631.3

*(CHFmn)*	Q4 24	Q4 23 restated*	FY 24	FY 23 restated*	FY 24 Adj.**	FY 23 Adj.**
Revenue	193.9	225.2	630.9	631.3	630.9	631.3
Cost of sales	(125.2)	(164.3)	(427.6)	(447.3)	(427.6)	(447.3)
Gross profit	68.7	60.9	203.3	184.0	203.3	184.0
Gross profit margin	35.4%	27.0%	32.2%	29.1%	32.2%	29.1%
Investment Income	4.4	5.5	24.4	18.2	24.4	18.2
Administrative expenses	(12.8)	(7.4)	(38.6)	(32.6)	(38.6)	(32.6)
Adj. EBITDA	60.3	59.0	189.1	169.6	189.1	169.6
Adj. EBITDA margin	31.1%	26.2%	30.0%	26.9%	30.0%	26.9%
Other gains/losses	(17.5)	(7.8)	(79.4)	(18.8)	–	–
Share of associates	11.6	6.0	4.4	5.8	4.4	5.8
EBITDA	54.4	57.2	114.1	156.6	193.5	175.4
Depreciation	(5.4)	(6.1)	(23.4)	(21.7)	(23.4)	(21.7)
Finance costs	(13.5)	(13.8)	(57.5)	(48.7)	(57.5)	(48.7)
Income tax expense	(10.2)	(10.7)	(24.9)	(31.8)	(24.9)	(31.8)
Net loss/profit	25.3	26.6	8.3	54.4	87.7	73.2

ODH shareholders	24.1	17.0	(6.1)	27.0
Non-controlling interest	1.2	9.6	14.4	27.4
Basic EPS (CHF)	0.41	0.24	(0.10)	0.51

*(CHFmn)*	31.12.24	31.12.23
Property, plant, and equipment	663.7	723.6
Inventory	348.5	434.6
Receivables	274.3	287.8
Cash and bank balances	195.8	213.9
Investments in associates	44.7	49.0
Other assets	156.2	138.6
Non-current assets held for sale	43.4	–
Total assets	1,726.6	1,847.5
Borrowings	449.6	480.5
Payables	165.7	243.6
Provisions	64.8	59.8
Other Liabilities	572.8	528.1
Liabilities related to assets held for sale	21.1	–
Total liabilities	1,274.0	1,312.0
Non-controlling interests	146.6	159.7
Equity attributable to ODH shareholders	306.0	375.8
Total liabilities and equity	1,726.6	1,847.5

Presentation:

The associated financial statements and presentation can be found under the IR section of Orascom Developments’ website under the following links: https://www.orascomdh.com/investor-relations

Telephone conference today at 1:30 CET (Zurich Time):

Orascom Development invites you to its FY 2024 results conference call on 26 March 2025 at 1:30 PM CET (Zurich Time). Chief Executive Officer Omar El Hamamsy, Chief Financial Officer Ashraf Nessim, and Director of Investor Relations Ahmed Abou El Ella will present FY 2024 results and will be available to answer questions. Registration is not required.

Dial-in details are as follows:

Click here for the webinar link

Event number: 945 2039 4908

Event password: 993569

A call recording will be available after the call

Contact for Investors:

Ahmed Abou El Ella

Group Director of Investor Relations

Tel: +20 224 61 89 61

mobile: +20 122129 5555

Email: ir@orascomdh.com

About Orascom Development Holding AG:

Orascom Development Holding (ODH) is a leading developer of fully integrated towns, including hotels, private villas, apartments, leisure facilities such as golf courses, marinas, and supporting infrastructure. Orascom Development Holding’s diversified portfolio is spread over seven jurisdictions (Egypt, UAE, Oman, Switzerland, Morocco, Montenegro, and the United Kingdom). The group currently operates ten destinations: five in Egypt (El Gouna, Taba Heights, Makadi Heights, O-West, and Byoum), The Cove in the United Arab Emirates, Jebel Sifah and Hawana Salalah in Oman, Luštica Bay in Montenegro, and West Carclaze Garden Village in the United Kingdom. The shares of ODH are listed on the SIX Swiss Exchange.

For more information, please visit https://www.orascomdh.com/

Disclaimer & Cautionary Statement:

This press release may contain forward-looking statements based on current assumptions and forecasts of ODH management. Known and unknown risks, uncertainties, and other factors could lead to material differences between any forward-looking statements made here and the actual development, particularly ODH's results, financial situation, and performance. ODH accepts no responsibility for updating or adapting forward-looking statements to future events or developments.

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:	2106326


End of Announcement	EQS News Service

2106326 26-March-2025 CET/CEST

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