Orascom Development Holding AG has recorded EGP 26.6m in investment gains during the first quarter (Q1) of 2015, the company announced Tuesday. The figure is notably lower than the EGP 39.5m gains recorded during the same period last year.
Despite the year-on-year (YoY) rise in revenues, which reached EGP 74.8m compared to EGP 69.8m, the company’s profits plunged during that same period.
The company reported a net loss amounting to EGP 306min the 1Q 2015, compared to EGP 31.44m profits in the same quarter last year.
In January 2015, ODHN AG, the major shareholder in Orascom Hotels and Development (OHD), sold a 15% stake in OHD through a private and public placement in the Egyptian stock market.
ODHN AG is registered on Switzerland’s stock market, and has a 99.68% share of OHD. The company is chaired by Sameh Sawiris, a member of Egypt’s richest family. The company, through its subsidiary, provides real estate infrastructure, leisure services, and hotel development.