Cairo – Mubasher: Orascom Development Egypt on Thursday reported it has turned profitable during 2017 with a net profit of EGP 391.9 million, against a net loss of EGP 499.4 million in 2016, including minority shareholders’ rights.

Revenues grew to EGP 2.6 billion last year from EGP 1.455 billion in 2016, the company said in a filing to the Egyptian Exchange (EGX).

Meanwhile, standalone losses shrank to EGP 8.12 million in 2017 from EGP 181.8 million a year earlier.

Orascom Development last posted turning profit in the first nine months of 2017 with EGP 268.8 million in profits, versus losses of EGP 181.78 million in 2016.