Orascom Development Holding AG
has released its consolidated financial results for Q1 2024
- ODH released Q1 2024 financial results
- Strong performance with real estate sales up 143.1%
- Total revenues increased by 15.7% to CHF 151.5 million
Orascom Development Holding AG / Key word(s): Miscellaneous/Miscellaneous Ad hoc announcement pursuant to Art. 53 LR. |
Orascom Development Holding (“ODH”) (SIX ODHN.SW) has released its consolidated financial results for Q1 2024.
During Q1 2024, ODH achieved a strong performance, with real estate sales of CHF 256.7 million, up by 143.1%. Total revenues increased by 15.7% to CHF 151.5 million despite the challenging business environment.
Key Highlights of Q1 2024
- Total revenues went up by 15.7% to CHF 151.5 million.
- Adj. EBITDA increased by 19.9% to CHF 44.0 million, with a 29.0% margin.
- Adjusted net profit of CHF 26.7 million, up 3.1% vs. Q1 2023.
- Net real estate sales grew by 143.1% to CHF 256.7 million, the highest Q1 sales figure in ODH’s history.
- Cash flow from operations back to green to CHF 42.4 million, signaling our operational excellence.
Altdorf, 21 May 2024 - Despite the challenges posed by the ongoing war in Gaza, geopolitical tensions in the Middle East, and the economic backdrop in Egypt, ODH has demonstrated a solid operational and financial performance in Q1 2024. This is a testament to the strength of our diversified business model, which has enabled the core underlying business to weather the storm and deliver a robust performance. Our prudent cost management has also supported our strong operational performance, which has helped mitigate the impact of the challenging economic conditions in Egypt. We have also maintained a robust balance sheet, with healthy liquidity and strong cash flows, which places us in an excellent position to pursue future growth opportunities.