Cairo – Mubasher: Orascom Development Egypt saw its net profits surging by 83% year-on-year during the first nine months of 2019, the company’s consolidated financial results showed on Wednesday.

Net profits, including minority shareholders’ rights, amounted to EGP 501.2 million during the period from January to September, compared with EGP 274.06 million in the comparable period last year.

Moreover, Orascom churned out EGP 3.34 billion in the nine-month period, versus EGP 2.39 billion in the year-ago period.

During the the third quarter, the company’s net profits totalled EGP 107.44 million, rising year-on-year from EGP 89.4 million.

As for the standalone business, Orascom generated EGP 403.7 million in net profits over the nine months to last September, compared with EGP 184.6 million.

It is worth pointing out that Orascom’s net profit came in at EGP 393.7 million during the first half of this year, soaring by 113% year-on-year, while its revenues jumped to EGP 2.3 billion.