Cairo – Mubasher: Orascom Development Egypt reported a 41% year-on-year (YoY) increase in its net profits in 2019.

The company’s net profits surged to EGP 705.55 million last year from EGP 500.19 million in 2018, including minority shareholders’ rights, according to a bourse disclosure on Sunday.

Meanwhile, revenues rose to EGP 4.66 billion in 2019, compared to EGP 3.35 billion in the previous year.

As for standalone business, the Egyptian firm logged net profits of EGP 634 million last year, up from EGP 153.7 million in 2018.

It is noteworthy to mention that in the first nine months of 2019, Orascom Development Egypt posted net profits of EGP 501.2 million, compared with EGP 274.06 million in the year-ago period, including minority shareholders’ rights.