Egypt’s Orascom Investment profit rise 346% in nine months

Egypt’s Orascom Investment Holding reported on Thursday a 346 percent surge in its profits to 1.07 billion Egyptian pounds ($59.7 million) during the first nine months of the current year.

Earlier, profits stood at 239.9 million pounds during the first nine months of 2017, the company said in a bourse filling.

Standalone profits reached 175.1 million pounds at the end of September, down from 296.7 million pounds during the same month last year.

Orascom earlier announced that it turned into losses during the first half of 2018, achieving consolidated losses worth 141.2 million pounds, compared to profits worth 359.32 million pounds last year.