Sunday , January 17 2021

Egyptian Orascom Egypt (OTH) developed a profit of 274 million pounds in 9 months

Orascom Development's consolidated financial statements for the nine months ended September 2018 showed a marginal increase in earnings on an annual basis.

The company said in a statement on the Egyptian stock exchange on Monday that it achieved a profit of £ 274,06 million in the period January-September, compared with profits of £ 268,8 million in the comparative period of 2017.

Company revenue in the period amounted to LEI 770.9 million compared to revenues of LEI 483.4 million in the comparative period of 2017.

At the level of independent companies during the period, the company recorded a loss of LEI 119.27 million, compared with a profit of LEI 13.7 million in the comparative period last year.

The company recorded a net profit of £ 184,61 million from the beginning of January to the end of June, compared with £ 176,29 million in the same period last year.

The company's capital amounts to 1.10 billion pounds, distributing more than 1.10 billion shares of nominal value LE per share.

The Egyptian Financial Supervisory Authority (EFSA) earlier stated that Orascom Development Egypt has submitted a disclosure form to increase its issued capital from £ 1.108bn to £ 1.13bn to fund the reward system.

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