Cairo – Mubasher: Orascom Development Egypt on Thursday posted a 28% year-on-year increase in its consolidated profits during the full-year 2018 on the back of higher revenues.
The Egyptian firm’s profits amounted to EGP 500.19 million last year, compared to EGP 391.9 million in 2017, including minority shareholders’ rights, according to a statement to the Egyptian Exchange (EGX).
Revenues grew to EGP 3.35 billion from January-December period of 2018, versus EGP 2.6 billion in the prior year.
Orascom’s standalone profits reached EGP 153.7 million last year, against EGP 8.12 million in standalone losses a year earlier.
During the first nine months of 2018, the company’s profits amounted to EGP 274.06 million from EGP 268.8 million in the year-ago period.
By 11:25 am Cairo time, Orascom Development’s stock fell 1.17% to EGP 7.57.
