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Orascom Development logs EGP 185m profit in H1

Orascom Development logs EGP 185m profit in H1
Revenues grew to EGP 873.8 million in the six-month period ended June
Orascom Development Egypt
ORHD
-6.53% 11.03 -0.77

Cairo – Mubasher: Orascom Development Egypt on Tuesday reported a 4.7% year-on-year increase in consolidated profits for the first half of 2018, recording EGP 184.61 million from EGP 176.29 million.

Revenues grew to EGP 873.8 million in the six-month period ended June, compared to EGP 599.87 million in H1-17, the company said in a filing to the Egyptian Exchange (EGX).

Meanwhile, standalone losses soared by 395% to EGP 84.91 million at the end of June, compared to EGP 17.16 million in losses in the prior-year period.

It is worth noting that Orascom Development logged EGP 83.08 million in consolidated profits for the first quarter of the year, compared to from EGP 75.9 million in Q1-18.