EGYPT – Egyptian based technology multinational, Orascom Investment Holding Company (OIH) turned into profitability during the first quarter (Q1) of 2020 recording a profit of LE 51.63 million (US$3.23 million).
This is a great improvement compared to the losses of LE 78.86 million (US$4.94 million) including minority rights recorded during the same period of 2019.
The company’s indicators showed that the operating profits hit LE 272.17 million (US$17.03 million) during the 2020, a significant drop when compared to LE 322.27 million (US$20.18 million) achieved during the compared period of 2019.
As per standalone results, Orascom turned into profitability recording profits of LE 45.27 million (US$2.82 million) in Q1 of 2020, compared to losses of LE 129.57 million (US$81.11million) recorded during the same quarter of 2019.
Orascom is coming into profitability after a long period of difficult financial times.
In 2019, the company’s consolidated loss during the first half of the year stood at LE 153.4 million (US$9.67 million), an even worse performance compared to the loss of LE 141.2 million (US$8.84 million) recorded during the same half of 2018.
Orascom Investment Holding ’s strategy is mainly focused on investing in industries that are critical to the future, including financial services, food industries, real estate development, cultural development, transportation and logistics.
Egypt Today reports that Orascom Investment Holding company has a current capital that is in excess of LE 2.2 billion (US$137.7 million), distributed over 5.24 billion shares.