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Orascom Investment records loss of LE 79M in Q1 2019

Tue, Jun. 11, 2019
CAIRO – 11 June 2019: Orascom Investment Holding Company (OIH) recorded a consolidated loss of LE 78.86 million during the first quarter of 2019, compared to a loss of LE 121.52 million during the same quarter of 2018, with an increase of 35.1 percent.

The company’s indicators show that the operating profits hit LE 17 million during 2019’s quarter, compared to a loss of LE 40.69 million during the compared period.

As per standalone results, Orascom recorded a loss of LE 129.57 million, compared to LE 33.96 million during the first quarter of 2018.

In April, the board of directors of Orascom Investment Holding Company (OIH) proposed an increase in the company's capital to LE 6.25 billion after approval of the acquisition of Nile Sugar Company.

On Thursday, OIH’s board of directors ratified the approval of the independent financial advisor’s report (BDO Financial Consultants), which has set the fair value of the share capital of Nile Sugar Company SAE at LE 2.84 per share with a total value of LE 3.76 billion.

It almost doubled its consolidated profits during 2018, recording gains of LE 865.59 million, compared to LE 453.13 million including minority rights during 2017, with an increase of 91 percent.

OIH’s current capital is worth LE 2.2 billion, distributed over 5.24 billion shares. Orascom Investment Holding works in the fields of GSM, media, cables and mobile communications in Egypt, North Korea and Lebanon.

 
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