Orascom Investment turns into loss during 9 months of 2019

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Sun, 01 Dec 2019 - 11:55 GMT

FILE - Orascom Investment

FILE - Orascom Investment

CAIRO – 1 December 2019: Orascom Investment Holding Company (OIH) turned into loss during the first nine months of 2019 by LE 92.4 million, from profits of LE 1.07 billion including minority rights during the same period of 2018.

The company’s indicators showed that the operating profits hit LE 1.09 billion during the 2019 period, compared to a loss of LE 1.18 billion during the compared period of 2018.

As per standalone results, Orascom turned into loss by LE 295.19 million, compared to profits of LE 175.1 million during January-September 2018.

During the third quarter of 2019, the company witnessed a regression in its profits to reach LE 61.15 million, compared to LE 1.21 billion during the same quarter of 2018.

The company recorded a consolidated loss during the first half of 2019 at LE 153.4 million, compared to loss of LE 141.2 million during the same half of 2018.

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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