Swiss-headquartered Orascom Development Holdings, which owns and operates eight marinas in five Middle East and eastern Mediterranean countries, has reported almost unchanged revenues of CHF108.6m for the first half of 2017. This was despite significant revenue growth in local currency in Egypt.
Orascom is a major real estate, hotel and resort business with significant operations in Egypt, Jordan and other Middle Eastern countries. Through its Orascom Marine Management arm, the group operates eight marinas in Egypt, Jordan, Morocco, Oman and Montenegro, which are generally an integral part of a resort or real estate development.
The financial results of the group were influenced by a 50% devaluation of the Egyptian pound against the Swiss franc, but gross profits increased by 11.7% to CHF24.9m in the first half of 2017 compared with CHF22.4m in the corresponding period of 2016. The net loss attributable to shareholders for the reporting period was substantially reduced and amounted to CHF18.8m against a net loss of CHF 41.3m in the first half of 2016. Adjusted EBITDA for the period increased by 34.1% to reach CHF11.0m versus CHF 8.2m during the same time last year.
The hotels division saw a 153.1% increase gross operating profit. No specific financial details are given within the group’s accounts relating to marina activities. The first-half report did make known, however, that Phase I construction has started of the Abydos Marina North Jetty expansion to add 10 berths. It is expected to be finalized in November 2017.
Orascom is also involved in the UK, in association with Imery’s Minerals, with the Eco-Bos project which proposes to transform 500 acres of land used for china clay extraction into a sustainable eco-community. The port of Par, owned by Imery’s, is an integral part of this project and a new marina is planned to be developed at the port in association with Orascom. While the planning for this new marina is progressing, there is no information yet about when it will be constructed or how many berths will be included.
Orascom’s marina’s portfolio includes:
- El Gouna resort in Egypt, which includes the Abu Tig and Abydos marinas with over 320 berths of up to 50m (164ft)
- Taba Heights marina in Egypt with space for 50 yachts
- Tala Bay marina in Jordan, able to accommodate 50 yachts
- Sifah marina in Oman, offering 94 berths up to 60m (197ft) plus a 100 berth drystack
- Salalah Beach marina in Oman with 171 berths up to 60m
- Lustica marina in Montenegro with 120 berths up to 50m
- Chbika marina in Morocco with 104 berths