Orascom Telecom Standalone Profits Reach EGP 3.4 Bln

Orascom Telecom Holding (OTH) (ORTE.CA) reported standalone net profits of EGP 3.437 billion during the fiscal year ended on December 31st, 2011. Noting that, the company posted net profits of EGP 571 million for the fiscal year of 2010.

In 2011, OTH’s revenues witnessed a dip to reach EGP 836 million, compared to revenues of EGP 2.947 billion for the same comparable period. Technical support revenues went up to reach EGP 818 million, noting that they had reached EGP 732 million in 2010.

The increases in profit were a consequence of the high discontinued operation profits as the company’s profit had reached EGP 5.055 billion in 2011, compared to profits of EGP 461 million in 2010.  Earnings per share reached EGP 0.68, noting that the earnings had valued at EGP 0.11 during the same comparable period.

On the other hand, the working capital slumped to reach EGP 8.2 billion, compared to EGP 8.256 for the same comparable period. The total investments had also witnessed a dip reaching EGP 27 billion, noting that the investments had valued at EGP 27.180 billion in 2010.

In the meanwhile, OTH board of directors decided to hold the Annual General Meeting (AGM) On Thursday 3/05/2012 so as to to discuss the following agenda:

Approve the annual report on the company’s activities for the fiscal year ended December 31, 2011.

Approve the financial statements for the fiscal year ended December 31, 2011.

Ratify the balance sheet, profits and losses accounts.

Ratify Company auditor’s report.

Review the board members’ recommendation to distribute dividends for the year of 2011.

Orascom Telecom’s consolidated financial statement for the fiscal year of 2011 indicates that the company has posted net profits of EGP 4.422 billion, compared to net profits of EGP 1.126 billion for the same comparable period of 2010.

Additionally, the company’s unconsolidated financial statement for the same period of 2011 indicates a net profits of EGP 3437 million, compared to EGP 571 million in 2010, higher with 927%.