Egypt’s Orascom Development first-half revenues 52.4% up

Egyptian Orascom Development reported on Wednesday a 52.4 percent increase in its first half revenues to 2.33 billion Egyptian pounds ($140.3 million) from 1.5 billion last year.

Gross profit rose 20.1 percent to 733.8 million during the first half of the current year.

Earnings before interest, tax, depreciation, and amortisation (EBITDA) also surged 43.8 percent year-on-year to 908.1 million, with an EBITDA margin of 39.0 percent, according to the earnings release.

“Cash from operations also increased 21.2 percent to 468.3 million pounds during the first half of 2019, whilenet debt fell to 2.5 billion pounds against  3.3 billion pounds during the first half of 2018.

Moreover, net profit grew 113.3 percent to 393.8 million pounds, compared with 184.6 million pounds during the first half last year, the report said.

For its full 2019 outlook, Orascom highlighted that it is targeting top line revenues worth 4 billion pounds and an adjusted EBITDA within the range of 1.4 billion pounds to 1.45 billion pounds.

Source: Ahram Online