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Orascom Development Holding AG / Key word(s): Miscellaneous/Miscellaneous
Ad hoc announcement pursuant to Art. 53 LR.
Orascom Development Holding (ODH); announces preliminary unaudited KPIs for the 9M 2021. Real estate sales for the 9M 2021 reaches CHF 444.9 million, an increase of 51.1% y-o-y.
Altdorf, 12 October 2021 - Orascom Development Holding (ODH) announces its preliminary real estate and hotels KPIs' for the 3Q 2021. The 9M 2021 full results will be announced mid-November 2021.
Real Estate 9M 2021 KPIs:
2021 has been a year where we continued to strengthen our positioning, focused on execution, and further horizon expansions. Even during the midst of the pandemic, all our residential projects received strong interest across our destinations. We also continue to leverage consumer insights, identifying the emerging buying behavior trends post pandemic and accordingly designing an array of products that will potentially cater to their needs.
El Gouna continues to affirm its position as the «destination of choice» and records a 67.3% increase in net real estate sales to CHF 177.5 million in 9M 2021 (9M 2020: CHF 106.1 million). Makadi Heights, our rising star destination on the Red Sea, continues to deliver excellent sales performance since the beginning of 2021. Net sales increased by 146.0% to CHF 49.7 million from CHF 20.2 million in 9M 2020. O West, recorded CHF 134.3 million in sales for the 9M 2021, a growth of 40.3% compared to CHF 95.7 million in 9M 2020.
Our destinations in Oman managed to maintain healthy sales volumes through the 9M 2021, despite the lockdowns that are still in place. Jebel Sifah sales increased by 66.2% to CHF 24.6 million (9M 2020: CHF 14.8 million), Hawana Salalah sales also increased by 2.9% to CHF 10.7 million for the 9M 2021.
Luštica Bay, Montenegro continued its positive sales momentum since the beginning of 2021. The destination sales were up 5.4x to CHF 47.7 million in 9M 2021 from CHF 8.8 million in 9M 2020.
The increase in sales across all destinations was a factor of both, our ability to increase the average selling prices and the number of units sold.
9M 2021 vs. 9M 2020 Real Estate KPIs:
* Land sales in 9M 20 includes CHF 6.4mn of land sales in Gouna and CHF 31.1mn in O West.
Hotels 9M 2021 KPIs:
In Egypt, as per the governmental decree, hotels increased their operational capacity to 70% since July 4, 2021. Our hotels in El Gouna and in Taba Heights have benefited from this uptick with occupancies for the 9M 2021 reaching 37% and 10% respectively and 52% and 22% for Q3 2021. We started receiving some charter flights from Germany and some Eastern European countries in El Gouna. Foreigners represented c. 35% of our total occupancy in Gouna during Q3 2021. We remain optimistic for our Egyptian destinations and foresee a continued positive trend for the Q4 2021.
Our Omani hotels continued to be profoundly impacted by the restrictions and the locally enforced lockdowns imposed by the government due to Covid-19 for the 9M 2021. Hawana Salalah had only one hotel operational with an occupancy of 9% for the 9M 2021. The Good news is that the Country has finally opened its international borders in September which gives us positive expectations for Q4 2021, with charter flights from East Europe set to resume.
The Cove, UAE, continues to one the best performing hotels across the group with occupancy rate up 12ppt to 49% in 9M 2021 compared to 37% in 9M 2020. The enhanced operational performance is driven by transient local market, while we see a steady pick-up from our international markets mainly from Germany and Russia.
Luštica Bay, Montenegro witnessed extra-ordinary progress during 9M 2021. The additional activities to enhance the overall appeal of the destination, supported by the regional sales efforts as well as favorable weather conditions, contributed to the general improvement of the destination with occupancy rate reaching 45% up from 18% in 9M 2020.
9M 2021 vs. 9M 2020 Hotels KPIs:
About Orascom Development Holding (ODH):
ODH is a leading developer of fully integrated destinations that include hotels, private villas and apartments, leisure facilities such as golf courses, marinas and supporting infrastructure. ODH's destinations are distributed over seven different countries (Egypt, UAE, Oman, Switzerland, Morocco, Montenegro, and United Kingdom), with primary focus on touristic destinations. ODH currently operates nine destinations: four in Egypt (El Gouna, Taba Heights, Makadi Heights and Byoum), The Cove in the United Arab Emirates, Jebel Sifah and Hawana Salalah in Oman, Luštica Bay in Montenegro, and Andermatt in Switzerland. ODH recently launched O West, the latest addition to its portfolio and its first project in Cairo, Egypt, located on the Sixth of October City.
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