Cairo – Mubasher: The consolidated net profits of Orascom Development Egypt (ODE) slid by 29.7% year-on-year (YoY) to EGP 357.4 million in the first nine months of 2020 from EGP 501.2 million, including minority shareholders’ rights.

The company’s revenues declined to EGP 3.26 billion in the nine-month period ended 30 September from EGP 3.34 billion in the same period in 2019, according to a bourse disclosure on Sunday.

As for standalone business, Orascom Development Egypt logged EGP 301.4 million in net profits in the January-September period, down from EGP 403.71 million in the year-ago period.

During the first half (H1) of 2020, the company’s net profits slumped to EGP 168.35 million, compared to EGP 393.75 million in H1-19.