OIH sees net losses of EGP 35.5 mn in 2Q2021
EARNINGS WATCH- Orascom Investment Holding (OIH) incurred net losses of EGP 35.5 mn in 2Q2021, compared to losses of EGP 49.9 mn during the same quarter last year, according to their financial statements (pdf). Revenues rose to EGP 220.7 mn in 2Q2021, compared to EGP 177.3 mn in 2Q2020. For 1H2021, OIH’s net losses reached EGP 66.6 mn, from a net profits of EGP 1.71 mn during the same period of 2020. Revenues increased to EGP 427.3 mn during the first six months of the year, compared to EGP 356.7 mn in 1H2020.
The EGX30 rose 0.9% at today’s close on turnover of EGP 1.2 bn (21.6% below the 90-day average). Local investors were net sellers. The index is up 2.7% YTD.
In the green: Egyptian Resorts Company (+5.9%), Palm Hills (+4.4%) and Cleopatra Hospitals (+2.4%).
In the red: Raya (-0.8%) and Speed Medical (-0.4%).