Cairo – Mubasher: Orascom Investment Holding on Thursday posted a 346% year-on-year hike in consolidated profits for the first nine months of 2018.

The company logged EGP 1.07 billion in profits for the nine-month period ended September, versus EGP 239.9 million in the prior-year period, according to a filing to the Egyptian Exchange (EGX).

On the other hand, the company’s standalone profits eased to EGP 175.1 million at the end of September from EGP 296.7 million in the corresponding nine-month period of 2017. 

Orascom Investment previously announced it had turned to losses during the first half of 2018, suffering a consolidated loss of EGP 141.2 million, against profits of EGP 359.32 million in H1-17.

As for the standalone business, the company had turned to losses with EGP 61.04 million in H1-18, compared to profits of EGP 367.7 million in the prior-year period.