MARINA OPERATOR REPORTS STRONG Q1 RESULTS
Orascom’s revenue up 14.6% in year-on-year quarterly turnaround
Swiss-headquartered Orascom Development Holding (ODH), which operates marinas in Egypt, Morocco, Montenegro and Oman, has reported a turnaround in Q1 2021 compared with the corresponding quarter of last year.
In Q1 2021, ODH reported:
- Total revenues up 14.6% to CHF106.5m compared to same period last year
- Net profit of SwF3.1m vs. a net loss of CHF4.2m in Q1 2020
- Operating EBITDA recorded a significant increase of 93.4% to CHF29.4m
- Cash balance of CHF223.7m, up 14.3% compared to CHF195.7m in FY 2020
A statement says: “Orascom Development Holding started the year on solid grounds with strong operational and financial results, despite the prevailing headwinds from Covid-19 affecting our hospitality segment. The growth during the first quarter of the year was driven by a significant increase in our real estate segment performance.”
ODH is a major investor in real estate developments across a number of countries in Europe and the Middle East. Among its extensive assets are a series of marinas in Egypt, Jordan, Montenegro, and Oman, all of which have extensive upland property sites which include houses, villas and apartments, retail, hospitality, and commercial options.
The marinas hold a central position in these developments and are able to accommodate a mix of yachts from smaller craft up to small-to-medium-sized superyachts. ODH’s marinas portfolio includes the huge El Gouna location in Egypt which offers three marina facilities, the 50-berth Taba Heights marina, also in Egypt, Jebel Sifah (84 berths), and Hawana Salalah (170 berths) in Oman, and Lustica Bay in Montenegro.
A new marina is also under development at the Chbika site in Morocco.
As regards the outlook for 2021, ODH states: “Looking into 2021, visibility remains limited as demand may still be impacted by the ongoing fluid circumstances resulting from the pandemic and the timing of the vaccine roll-out. Accordingly, ODH still stands with its earlier position and abstains from providing full-year guidance on its 2021 results; however, we remain diligent in providing updates of the evolving situation during all our quarterly results calls and market communications as needed.”