Cairo – Mubasher: Orascom Development Egypt (ODE) posted a 57% year-on-year (YoY) decrease in its net profits, logging EGP 168.35 million during the first half (H1) of 2020, compared to EGP 393.75 million.

The company’s revenues retreated to EGP 1.92 billion in the six-month period ended on 30 June from EGP 2.32 billion in the year-ago period, according to a bourse disclosure on Sunday.

As for the second quarter (Q2) of the year, ODE reported net profits of EGP 76.5 million, down from EGP 205.16 million in Q2-19.

Moreover, the H1-20 standalone financial results showed net profits of EGP 206.33 million, compared to EGP 296.27 million in the corresponding period a year earlier.

During Q1-20, the Egyptian firm logged EGP 91.85 million in net profits, down from EGP 188.59 million in Q1-19.