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ODIN Investment turns to loss

ODIN Investment turns to loss

ArabFinance:  ODIN Investments incurred a consolidated net loss of EGP 441,205 in the January-September period of 2020, according to the company’s November 11th financial statements filed to the Egyptian Exchange.

In the January-September period of 2019, the company posted a net profit of EGP 70,601

Standalone net profit reached EGP 2,045,043 in the January-September period of 2020, a 31% decline from EGP 2,984,292 posted in the corresponding period a year earlier.

In April, the company's shareholders approved increasing the issued capital by EGP 11.2 million.

The capital increase will be executed by issuing 4.480 million shares at a nominal value of EGP 2.5 each.

ODIN, formerly known as Egyptians Abroad for Investment and Development Company, aims to attract funds from Egyptians living abroad and invest them in the ongoing development of Egypt, with a focus on the real estate and financial services sectors. 

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