Orascom Investment Holding sees much lower losses in 9M

Orascom Investment Holding (OIH) reported consolidated net losses of 17.89 million Egyptian pounds in the first nine months of 2020, down by 80.6 percent year-on-year (YoY) from 92.4 million pounds, including minority shareholders’ rights.

The company’s revenues fell to 729.28 million pounds in the January-September period from 788.65 million pounds in the corresponding period a year earlier.

As for the third quarter (Q3) of 2020, OIH turned to net losses of 19.6 million pounds, versus net profits of 61.15 million pounds in Q3-19.

In addition, the standalone financial statements for the first nine months of the year showed net profits of 47 million pounds, against net losses of 295.19 million pounds a year earlier.

The company also achieved net profits of 1.714 million pounds during the first half of 2020,, compared to net losses of 153.46 million pounds in the comparable period, including minority shareholders’ rights.