Cairo – Mubasher: The consolidated financial statements of Orascom Development Egypt (ODE) posted net profits of EGP 91.85 million in the first quarter of 2020, down by 51.29% from EGP 188.59 million in the year-ago period.
The company’s revenues levelled down to EGP 903.83 million in the January-March period, compared to EGP 1.01 billion in the corresponding period a year earlier, according to a bourse disclosure on Monday.
As for standalone business, the Egyptian firm’s net profits slumped to EGP 54.19 million in Q1-20 from EGP 124.73 million in Q1-19.
It is worth noting that in 2019, the company achieved net profits of EGP 705.55 million, up from EGP 500.19 million in 2018, including minority shareholders’ rights.
