Ad hoc announcement pursuant to Art. 53 LR. 

Orascom Development Holding (ODH); announces operational update for FY 2022

Altdorf, 30 January 2023 – Orascom Development Holding (ODH) announces its preliminary real estate and hotels KPIs’ for FY 2022. Full results will be announced on March 30, 2023.

Real Estate FY 2022 KPIs:

New sales for Q4 2022 reached CHF 243.4 million, a 10.8% increase from CHF 219.6 million in Q4 2021. That brings our FY 2022 net real estate sales value to CHF 714.2 million, 7.5% increase over FY 2021.

Omar El Hamamsy, Group CEO of Orascom Development, commented: “Despite various macroeconomic challenges in our region, including the Egyptian currency devaluation, our operations continued to progress. We had a robust quarter with strong demand, especially in O West in Egypt, Hawana Salalah in Oman and Luštica Bay in Montenegro. We increased our average selling prices per sqm across all destinations. Our strong performance in 2022 is a testament to our team’s dedication, tailored and high-quality products and strong customer relationships."

FY 2022 vs. FY 2021 Real Estate KPIs*:

* Net sales value for FY 2021 includes 2 units sold in Fayoum for CHF 0.3mn.

** Andermatt figures are not included in ODH net sales figures as ODH owns 49% stake of Andermatt and thus it is not consolidated.

FY 2022 Hotels KPIs:

Omar El Hamamsy, Group CEO of Orascom Development, added: “Orascom Development’s Hotels’ proven business model once again delivered impressive quarterly results, despite a challenging regional economic environment. Our hotels exhibited solid growth during 2022, primarily driven by strong average daily rates and enduring leisure demand. With further room for occupancy to increase, we look forward to it growing steadily in the future.”

In Egypt, our hotels in El Gouna and Taba Heights have benefited from the uptick in the Egyptian hospitality segment with occupancies for FY 2022 reached 70% and 29% up from 45% and 11% respectively.

Our Hotels in Hawana Salalah, Oman experienced a positive change of events since the beginning of 2022. Total occupancy during FY 2022 reached 41% (FY 2021: 13%). In UAE, The Cove continues to be one of the best performing hotels destinations for the Group with occupancy up to 65% in FY 2022 from 55% in FY 2021.

In Luštica Bay, Montenegro, The Chedi Hotel continued to draw a considerable attention and interest from local and international markets, reporting 46% occupancy during FY 2022.

In Andermatt, Switzerland, during FY 2022, The Chedi Andermatt reported a 68% occupancy while Radisson Blu Hotel Reussen’s occupancy reached 48%. Overall, the occupancy for Andermatt hotels reached 55% (FY 2021: 53%).

FY 2022 vs. FY 2021 Hotels KPIs:

* Andermatt figures are not included in ODH numbers as ODH owns 49% stake of Andermatt and thus it is not consolidated.

 * Occupancy rates reflects the occupancy from hotel guests only, not factoring in the room nights generated with residence owners.

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.

Contact for Investors:
Ashraf Nessim         
Chief Financial Officer   
Mobile: +20 122 213 1612
Tel: +41 418 74 17 11     
Email: ir@orascomdh.com     
 
Ahmed Abou El Ella         
Investor Relations Director   
Mobile: +20 122 129 5555     
Email: ahmed.abouelella@orascomdh.com     
 
Philippe Blangey  
Partner       
Dynamics Group AG
Tel: +41 432 68 32 35
Email: prb@dynamicsgroup.ch  
 

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