Egypt’s Orascom Development first-half profits fall 57%

Egypt’s Orascom Development Holding reported on Sunday a 57 percent year-on-year drop in its net profits to 168.35 million Egyptian pounds ($10.5 million) during the first half of this year.

Profits earlier recorded 393.75 million pounds during the first half of 2019.

At the end of June, revenues declined to 1.92 billion pounds from 2.32 million pounds during the same period last year.

The company made profits worth 76.5 million pounds during the second quarter of the year, down from 205.16 million pounds during the same period of 2019.