Cairo – Mubasher: Orascom Development Egypt reported a 34% increase in its consolidated profits during the first quarter of 2019.

The firm’s net profits amounted to EGP 111.33 million in the January-March period of 2019, compared to EGP 83.08 million in the year-ago period, according to a statement to the Egyptian Exchange (EGX) on Sunday.

Meanwhile, revenues rose to EGP 837.64 million in Q1-19 from EGP 654.91 million in the corresponding period a year earlier.

As for standalone business, Orascom Development turned to a profit of EGP 27.48 million in Q1-19, versus losses of EGP 45.9 million in Q1-18.

For the full-year 2018, the Egyptian firm’s consolidated profits grew by 28% to EGP 500.19 million, compared to EGP 391.9 million in 2017, including minority shareholders’ rights.