Cairo – Mubasher: The consolidated net profits after tax of Orascom Financial Holding (OFH) plunged to EGP 3.26 million in the first half (H1) of 2024 from EGP 42.57 million in H1-23.
Revenues amounted to EGP 16.22 million in H1-24, marking an annual rise from EGP 15.11 million, according to the financial results.
During the first six months (6M) of 2024, the basic earnings per share (EPS) plummeted to EGP 0.0009 from EGP 0.0108 a year earlier.
Standalone Financials
The company's standalone net profit after tax fell to EGP 65.91 million in January-June 2024 from EGP 115.32 million in H1-23, while the basic EPS declined to EGP 0.01 from EGP 0.02.
Results for Q2
The EGX-listed firm posted year-on-year (YoY) higher consolidated profits at EGP 26.08 billion in the second quarter (Q2) of 2024, versus EGP 22.76 million.
Basic EPS decreased to EGP 0.0056 in Q2-24 from EGP 0.0057 a year earlier, while the net revenues dropped to EGP 13.97 million from EGP 14.19 million.
In the April-June 2024 period, the group registered standalone net profits valued at EGP 3.44 million, compared to EGP 4.85 million in Q2-23.
During the three-month period that ended on 31 March 2024, OFH shifted to consolidated net losses worth EGP 22.81 million, versus a net profit of EGP 19.81 million in Q1-23.
