Half Year 2024 Orascom Development Holding AG Earnings Call Transcript
Key Points
- Revenues for the second quarter were up 25% compared to the same period last year.
- Adjusted EBITDA increased by 69% for the same period, indicating strong operational performance.
- Net profits rose by 54% despite the negative impact of currency devaluation in Egypt.
- Real estate sales for the first half of 2024 were up almost 60%, providing a healthy deferred revenue balance.
- Hotel segment revenues increased by 8% and operating margin improved by 13% despite geopolitical challenges.
- The company is still facing negative net profits year-to-date due to the devaluation of the Egyptian pound.
- The hotel EBITDA margin was down in the second quarter compared to the same period last year.
- The number of contracted units sold in O West was down 18%, attributed to local market dynamics and economic uncertainty.
- Non-controlling interests are increasing, which may affect the equity of ODH shareholders.
- The company has not yet achieved profitability in some of its newer markets, such as Oman and Montenegro, which are still in the ramp-up phase.
Hello, everyone, and thank you for dialing in this favorable to us from Sky Captaris 50. We're happy to be hosting today, ODH 2Q '24 results conference call. From the management team, we have with us Omar Hamamsy, CEO; Ashraf Nessim, CFO; and Ahmed Abou Ella, IR Director. As usual, we will start off with the presentation by the management team, and then we will open the floor for questions. I will now hand over the call to Omar for the presentation.
Thank you, good afternoon, everyone, and very happy to be with you to talk you through how we did over the last 3 months in the second quarter of 2024. Another very strong quarter for Orascom Development, one that we're very excited about, building on the back of a very strong year 2023, building on the back of a very challenging environment in the first quarter of 2024 where we had a major devaluation in one of our major markets, the Egyptian market. But on the back of this,
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