OIH turns to profitability in H1
Updated 8/25/2022 9:47:00 AM
Arab Finance: Orascom Investment Holding (OIH) switched to profitability during the first half (H1) of 2022, according to the consolidated financial statement filed to the Egyptian Exchange (EGX) on August 25th.
The company reported a consolidated profit attributable to the parent company of EGP 94.887 million in H1 2022, compared to a consolidated loss of EGP 93.064 million in H1 2021.
Operating revenue surged to EGP 38.69 million in the January-June period from EGP 13.095 million in the same period a year earlier.
It is worth noting that the company recorded a standalone net profit after tax of EGP 448.881 million in the six-month period ended June 30th, compared to a net loss of EGP 59.586 million in H1 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.
