2023-11-15 19:46:03
Altdorf (awp) – The Uranian real estate and hotel group Orascom DH recorded a clear decrease in its turnover over the first nine months of the year, due to the devaluation of the Egyptian pound and lower interest rates. high, he said Wednesday evening.
Turnover decreased by 8% to 422.8 million Swiss francs, mainly due to the devaluation of the Egyptian pound, according to the company.
The gross operating profit (Ebitda) decreased by 6.4% to 113.3 million Swiss francs less sharply than the turnover, which leads to an improved margin to 26.8% following 26.4 % a year ago.
Financing costs increased by 31% to 35.9 million Swiss francs, due to the significant increase in interest rates.
Due to a foreign exchange loss of 6.6 million Swiss francs linked to the devaluation of the Egyptian pound, net profit fell by 17.1% to 27.8 million. Profit attributable to shareholders reached 10.0 (13.1) million Swiss francs.
Progress for the hotel industry
The group’s hotel business improved significantly during the period under review. Revenue increased by 23.7% to 124.2 million Swiss francs, contributing 29% (22%) to total revenue. Both occupancy rates and higher room rates contributed to this increase.
Sales of buildings remained practically stable at 468.1 million Swiss francs, despite the devaluation of the Egyptian pound. In local currencies, sales of the Egyptian subsidiary’s buildings increased significantly.
Real estate turnover fell 21% to 236.2 million Swiss francs, or 56% of total turnover, compared to just a third in the first nine months of 2022.
Other revenues decreased by 15.2% to 50.9 million Swiss francs.
In its press release, Orascom does not make a forecast for the entire current year. A conference call is scheduled for Thursday at 2 p.m.
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