Orascom Development Egypt’s profits slump 51% in Q1

Orascom Development Egypt (ODE) net profit has been down by 51.29 percent during  the first quarter of 2020 recording of 91.85 million Egyptian pounds,  from 188.59 million a year earlier, according to its consolidated financial statement.

The company’s revenues tumbled to 903.83 million pounds in the January-March period, compared to 1.01 billion pounds in the corresponding period a year earlier.

As for standalone business, the Egyptian firm’s net profits slumped to 54.19 million pounds in Q1-20 from 124.73 million pounds in Q1-19.

However, the company achieved net profits of 705.55 million pounds during 2019, up from 500.19 million pounds in 2018, including minority shareholders’ rights.