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Wednesday, 12 June 2019

Earnings watch: Palm Hills, Orascom Investment Holding

EARNINGS WATCH- Palm Hills Development (PHD) reported a 37% y-o-y drop in 1Q2019 net profit to EGP 141.2 mn, down from EGP 224.2 mn a year earlier, according to the company’s earnings release (pdf). Revenues for the quarter fell 35% y-o-y to EGP 958.1 mn. The company’s board announced on Monday (pdf) that it has decided to close its Dubai branch.

Orascom Investment Holding (OIH) recorded net losses of EGP 78.9 mn in 1Q2019, a 35% decrease from their EGP 121.5 mn loss in 1Q2018, the company said in a bourse filing (pdf). Revenues inched lower to about EGP 409 mn in 1Q2019 compared to EGP 409.5 mn a year earlier.

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