Orascom Financial Holding (OFH) experienced a significant decline in consolidated net profits after tax, which fell to EGP 3.26 million in the first half (H1) of 2024, down from EGP 42.57 million in H1-23.
Despite the drop in profits, the company’s revenues saw a slight increase, reaching EGP 16.22 million in H1-24, up from EGP 15.11 million in the same period last year, according to the financial results.
The basic earnings per share (EPS) for the first six months of 2024 plummeted to EGP 0.0009, compared to EGP 0.0108 in H1-23.
Standalone Financials:
On a standalone basis, OFH reported a net profit after tax of EGP 65.91 million for the first half of 2024, down from EGP 115.32 million in H1-23. The basic EPS for this period also decreased, falling to EGP 0.01 from EGP 0.02 in the previous year.
Q2-24 Financials:
In the second quarter (Q2) of 2024, OFH posted higher year-on-year (YoY) consolidated profits of EGP 26.08 million, compared to EGP 22.76 million in Q2-23. However, the basic EPS slightly declined to EGP 0.0056 from EGP 0.0057 a year earlier, and net revenues dropped to EGP 13.97 million from EGP 14.19 million in Q2-23.
During the April-June 2024 period, the group recorded standalone net profits of EGP 3.44 million, a decrease from EGP 4.85 million in Q2-23.
Earlier, in the January-March 2024 period, OFH shifted to consolidated net losses of EGP 22.81 million, reversing from a net profit of EGP 19.81 million in Q1-23.