Orascom Development Egypt seen a decline in its profits during 2020

Orascom Development Egypt (ODE) said on Tuesday its consolidated net profits – including minority shareholders’ rights – fell 19 percent year-on-year to 571.32 million Egyptian pounds ($36.4 million) during 2020.

Revenues rose to 4.98 billion pounds last year from 4.66 billion pounds in 2019, according to a bourse disclosure.

As for standalone business, ODE achieved net profits of 403.8 million pounds in 2020, down from 634.12 million  pounds a year earlier.