Cairo – Mubasher: Orascom Development Egypt posted a 113% year-on-year profit hike during the first half of 2019 on the back of increased revenues, the company’s consolidated financial results showed.

Net profits surged to EGP 393.7 million in the six-month period ended 30 June, compared to EGP 184.6 million in the year-ago period, including minority shareholders’ rights, the company said in a statement to the Egyptian Exchange (EGX) on Tuesday.

Year-on-year, revenues increased to EGP 2.3 billion in the January-June period of 2019 from EGP 1.52 billion.

As for the second quarter of 2019, Orascom Development Egypt’s profit rose to EGP 205.16 million, compared to EGP 101.5 million in the corresponding period a year earlier.

At the level of standalone business, the company logged a profit of EGP 296.27 million in H1-19, against a loss of EGP 84.9 million in H1-18.

During Q1-19, the firm’s net profits hiked by 34% year-on-year to EGP 111.33 million, compared to EGP 83.08 million.