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OIH loss shrinks to EGP 39M

OIH loss shrinks to EGP 39M

ArabFinanceOrascom Investment Holding (OIH) reported a 53% Year on Year decline in its consolidated net loss in the first nine months of 2020, according to the company’s November 22nd financial statements filed to the Egyptian Exchange.

Consolidated net loss before minority interest stood at EGP 39.612 million in the January-September period of 2020, compared to EGP 84.419 million incurred in the prior-year months.

Standalone net profit reached EGP 47.044 million in January-September 2020, against a net loss of EGP 295.193 million incurred in the corresponding period a year earlier.

OIH’s Chairman Naguib Sawiris considers listing only one financial sector company on the Egyptian Exchange, either Orascom Financial Holding, Beltone Financial Holding, or Sarwa Capital.

OIH, formerly Orascom Telecom Media and Technology Holding, is an Egypt-based holding company engaged in the telecommunications sector. The company’s activities are mainly divided into its global system for mobile communications, media and technology, cable, energy, financial, real estate, and entertainment businesses.

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