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Orascom Investment sees EGP 2m net profits in H1-20

Orascom Investment sees EGP 2m net profits in H1-20
The company recorded net profits of EGP 49.78m

Cairo – Mubasher: The consolidated financial results of Orascom Investment Holding (OIH) showed net profits of EGP 1.714 million in the first half (H1) of 2020, against net losses of EGP 153.46 million in the same half of 2019, including minority shareholders’ rights.

The company's revenues declined to EGP 504.79 million in H1-20 from EGP 596 million in the corresponding period of 2019, according to the company's disclosure to the Egyptian Exchange (EGX) on Monday.

As for the standalone financial results, the company recorded net profits of EGP 49.78 million in the January-June period of 2020, versus EGP 197.019 million net losses in the year-ago period.

It is noteworthy to mention that in the first quarter (Q1) of 2020, the company turned to net profits of EGP 51.63 million, against net losses of EGP 78.86 million in the year-ago period, including minority shareholders’ rights.