Orascom Investment Holding, a leading investment firm led by Egyptian billionaire Naguib Sawiris, has recovered from last year’s losses with profits exceeding $10 million in the first nine months of its 2022 fiscal year.
According to figures from its recently published financial statements, the group earned EGP265.36 million ($10.8 million) at the end of the first nine months of its 2022 fiscal year, compared to a loss of EGP46.07 million ($1.87 million) during the same period in 2021.
As a result of its strong performance in the nine-month period under review, its basic earnings per share (EPS) came in at EGP0.03 ($0.0012), compared to a loss per share of EGP0.04 ($0.0016) in the same period in 2021.
The strong financial performance can be attributed to an increase in operating revenue from EGP17.5 million ($712,600) last year to EGP59.24 million ($2.41 million).
Orascom Investment Holding, which traces its roots back to Orascom Telecom, has operated as a holding company with investments primarily in the telecom, media, and technology fields across core strategic markets in Europe, the Middle East, and North Africa since its inception in 2011.
Under the leadership of Sawiris, an Egyptian billionaire who holds a strategic role in the group, Orascom Investment Holding maintains the legacy of the region’s most successful, entrepreneurial, and pioneering telecoms operator.
As of press time on Dec. 5, shares in the company were trading on the Egyptian Exchange for EGP0.24 ($0.00977) per share, giving it a market capitalization of EGP1.26 billion ($51.3 million).
As part of its efforts to boost earnings and revenue, the company announced plans in October to invest in new and renewable energy in Africa, citing the continent’s attractiveness for energy investment due to high prices and rising demand for electricity and energy.
