OIH swings to profitability in Q1
Updated 6/16/2022 9:57:00 AM
Arab Finance: Orascom Investment Holding (OIH) has turned to profitability during the first quarter (Q1) of 2022, according to financial statements filed to the Egyptian Exchange (EGX) on June 16th.
The company reported a consolidated profit attributable to the parent company of EGP 76.36 million in Q1 2022, compared to a net loss of EGP 46.38 million in Q1 2021.
Consolidated operating revenue grew to EGP 8.067 million in the three-month period ended March 31st from EGP 5.376 million the year before.
OIH posted a standalone net profit after tax of EGP 434.932 million in Q1 2022, versus a net loss of EGP 42.348 million in Q1 2021.
OIH, formerly Orascom Telecom Media and Technology Holding, is an Egypt-based holding company engaged in the telecommunications sector.
It mainly engages in global systems for mobile communications, media and technology, cable, energy, financial, real estate, and entertainment businesses.
