Egypt’s Orascom Development H1 profits surge 4.7%

Egypt’s Orascom Development on Tuesday reported a 4.7 percent increase in its consolidated profits, recording 184.61 million pounds for the first half of this year from 176.29 million pounds last year.

Revenues grew to 873.8 million pounds during the six-month period ended last June, compared with  599.87 million pounds during the same period in 2017, the company said in a filing to the Egyptian Exchange (EGX).

Meanwhile, standalone losses soared by 395 percent to 84.91 million pounds at the end of June, versus 17.16 million pounds in losses in the prior-year period.