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Orascom Investment turns profitable in Q1-20

Orascom Investment turns profitable in Q1-20
The company’s operating revenues slid to EGP 272.17 million
Orascom Investment Holding
OIH
-2.57% 0.53 -0.01

Cairo – Mubasher: Orascom Investment Holding (OIH) announced turning to net profits of EGP 51.63 million in the first quarter (Q1) of 2020, against net losses of EGP 78.86 million in the year-ago period, including minority shareholders’ rights.

The company’s operating revenues slid to EGP 272.17 million in the January-March period, compared to EGP 322.27 million in the corresponding period a year earlier, according to a statement to the Egyptian Exchange (EGX) on Tuesday.

As for standalone business, OIH reported net profits of EGP 45.27 million in Q1-20, versus net losses of EGP 129.57 million in Q1-19.

It is worth mentioning that during 2019, the EGX-listed firm suffered net losses of EGP 425.22 million, compared to net profits of EGP 865.59 million in 2018, including minority shareholders’ rights.