Tourism Orascom DH sells land in El Gouna
The hotel operator and real estate developer Orascom DH has sold a plot of land at its flagship destination El Gouna in Egypt. The sale price is 28.8 million Swiss francs, as announced by the Sawiris family company on Tuesday. This corresponds to 15.7 times the book value.
02.07.2024, 07:56
SDA
The sale of the 145,000 square meter property represents an important milestone for Orascom DH, according to the press release from the Altdorf UR-based company. It is the largest land sale at the destination since 2015.
The sale will also have a positive impact on earnings in the second quarter and the annual financial statements. The transaction is also in line with the strategy of turning land reserves into cash.
Although Orascom DH generated more revenue in the first quarter of 2024, it posted a clear loss at the bottom line. The company felt the devaluation of the Egyptian pound at the time.
