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Cairo-based investment holding company, Orascom Investment Holding, led by Egyptian billionaire Naguib Sawiris, showcased a remarkable financial performance in the first quarter of its fiscal year 2023.
Despite facing a challenging macroeconomic environment characterized by currency devaluation and surging inflation, the company reported a substantial double-digit increase in profit.
According to the recently published financial results, Orascom Investment Holding’s profit at the end of Q1 2023 soared by 25.9 percent, surging from EGP 86.5 million ($2.8 million) in the same period of the previous year to EGP 108.94 million ($3.52 million).
This impressive recovery comes after the company experienced a significant decline in earnings during 2022, with profit plummeting from EGP 861 million ($27.9 million) in 2021 to EGP 428.04 million ($13.85 million) in 2022.
Established in 2011 under the leadership of Egyptian billionaire Naguib Sawiris, Orascom Investment Holding initially focused on the telecom, media, and technology sectors.
Over time, the company has expanded its portfolio and ventured into sectors offering high growth potential, transformational opportunities, and community impact.
Demonstrating its commitment to diversifying its investment interests beyond the Middle East and establishing a strong presence in Central Asia, Orascom Investment recently unveiled plans to engage in multiple investment projects in Uzbekistan, with a total value of $1.2 billion.
This strategic move follows a meeting between Naguib Sawiris, Egypt’s second-richest individual, and Uzbekistan’s President Shavkat Mirziyoyev.
The investment projects in Uzbekistan will encompass various sectors, including food production, geological exploration, metal mining, hotel complex management, and the development of solar and wind power plants.
In addition to its impressive financial performance, Orascom Investment Holding’s total assets witnessed growth during the first three months of its fiscal year 2023, increasing from EGP 4.02 billion ($130 million) on December 31, 2022, to EGP 4.76 billion ($154 million) by March 31, 2023.
