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Orascom Development Egypt's profit down 51% in Q1-20

Orascom Development Egypt's profit down 51% in Q1-20
El Gouna - Orascom Development’s flagship town
Orascom Development Egypt
-1.80% 3.81 -0.07

Cairo – Mubasher: The consolidated financial statements of Orascom Development Egypt (ODE) posted net profits of EGP 91.85 million in the first quarter of 2020, down by 51.29% from EGP 188.59 million in the year-ago period.

The company’s revenues levelled down to EGP 903.83 million in the January-March period, compared to EGP 1.01 billion in the corresponding period a year earlier, according to a bourse disclosure on Monday.

As for standalone business, the Egyptian firm’s net profits slumped to EGP 54.19 million in Q1-20 from EGP 124.73 million in Q1-19.

It is worth noting that in 2019, the company achieved net profits of EGP 705.55 million, up from EGP 500.19 million in 2018, including minority shareholders’ rights.