Orascom Investment Holding (OIH) reports a 90% Year on Year decline in its consolidated net loss in the first half
A trader works at the Egyptian stock exchange in Cairo, Egypt, December 3, 2015.
REUTERS/Mohamed Abd El Ghany
By Staff Writer, Arab Finance
ArabFinance: Orascom Investment Holding (OIH) reports a 90% Year on Year decline in its consolidated net loss in the first half (H1) of 2020, according to the company’s September 14thfinancial statements filed to the Egyptian Exchange.
Consolidated net loss before minority interest stood at EGP 14.412 million in H1 2020, compared to EGP 146.969 million incurred in H1 2019.
Standalone net profit reached EGP 49.782 million in H1 2020, against a net loss of EGP 197.019 million in H1 2019.
In July, OIH's board of directors approved a restructuring alternative by virtue of which a horizontal demerger will occur.
The demerger will take place on the company's book value and according to its 2019 financial statements, resulting in having two companies.
The demerged company, OIH, will remain existing while maintaining all the investments it holds in its nine subsidiaries.
OIH, formerly Orascom Telecom Media and Technology Holding, is an Egypt-based holding company engaged in the telecommunications sector. The company’s activities are mainly divided into its global system for mobile communications, media and technology, cable, energy, financial, real estate, and entertainment businesses.
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