EARNINGS WATCH- Orascom Development profits fall 50% in 1Q2020: Orascom Development Egypt (ODE) profits fell 51% year-on-year to EGP 92 mn in 1Q2020 as the disruption caused by the covid-19 pandemic hurt its tourism operations, according to the company’s earnings statement (pdf). “Despite the disruptions caused by covid-19, ODE is confident in the underlying resilience of its businesses and operating model. ODE has a strong balance sheet and is confident that its liquidity needs will be well covered during these challenging times,” CEO Abdelhamid Abouyoussef said. The company is anticipating the restoration of international flights, reporting a recent surge in forward bookings to El Gouna hotels.

Eastern Company reported net profits of EGP 3.1 bn in 9M2019-2020, up 8% from the same period last year, according to the company’s earnings statement (pdf). Revenues rose 8.6% y-o-y to reach EGP 11.4 bn.

Tags: