Orascom Telecom announces EGP 44m losses during Q2 2016

Mohamed Samir
1 Min Read
Orascom Telecom Holding (OTH) has hired HC Securities and Investment as an independent financial advisor for the offer by Cyprus-based Baskindale to buy 100% of its shares. (Public Domain)

Orascom Telecom announced on Thursday that the company accumulated EGP 44.6m in losses during the second quarter (Q2) of 2016, this is compared to a profit of around EGP 263m during the same period last year.

Consolidated results sent to the Egyptian Exchange on Thursday showed that the company’s revenues increased by 56.3% in the second quarter to EGP 102.5m, but the procurement costs increased 33.5% to EGP 64.477m.

Furthermore, the company’s net profit declined by 87% during the first quarter of 2016 compared to the same period last year.

The company incurred a total loss in the first half of the year by about EGP 3.6m compared to the EGP 569.1 m profit gained.

The company has posted net losses of nearly EGP 3.6bn in 2016 compared with a net profit of about EGP 264m in 2014.

Orascom Telecom, owned by businessman Naguib Sawiris, works in the areas of technology, communications, and marine cables in addition to financial activities and it controls a number of companies in Egypt and abroad.




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Mohamed Samir Khedr is an economic and political journalist, analyst, and editor specializing in geopolitical conflicts in the Middle East, Africa, and the Eastern Mediterranean. For the past decade, he has covered Egypt's and the MENA region's financial, business, and geopolitical updates. Currently, he is the Executive Editor of the Daily News Egypt, where he leads a team of journalists in producing high-quality, in-depth reporting and analysis on the region's most pressing issues. His work has been featured in leading international publications. Samir is a highly respected expert on the Middle East and Africa, and his insights are regularly sought by policymakers, academics, and business leaders. He is a passionate advocate for independent journalism and a strong believer in the power of storytelling to inform and inspire. Twitter: https://twitter.com/Moh_S_Khedr LinkedIn: https://www.linkedin.com/in/mohamed-samir-khedr/
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