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Orascom Financial Holding moves to losses in H1-22

Orascom Financial Holding moves to losses in H1-22
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Cairo – Mubasher: Orascom Financial Holding (OFH) moved to losses during the first half (H1) of 2022, recording standalone net losses of EGP 234.45 million, compared to net profits of EGP 55.17 million since the company's split until 30 June 2021.

Revenues for the six-month period ended 30 June 2022 amounted to EGP 75.75 million, compared to EGP 57.90 million in the same period a year earlier, according to a bourse disclosure on Thursday.

In the second quarter (Q2) of 2022, the company turned to standalone net losses of EGP 320.52 million, compared to net profits of EGP 27.82 million in Q2-21.

During Q1-22, the consolidated net profits of Orascom Financial Holding increased to EGP 27.43 million, compared to EGP 19.38 million since the company's establishment until the end of March 2021.