Orascom Investment Holding achieved a profit of EGP 265.4m during the first nine months of this year, compared to a net loss of EGP 46m in the same period of 2021.
The company’s revenues also increased to EGP 59.24m, compared to EGP 17.5m.
Meanwhile, the parent company recorded profits of EGP 548.8m, compared to losses of EGP 142.09m y-o-y.
Additionally, non-interest income recorded EGP 10.42m, compared to EGP 25.37m.
Furthermore, the Board of Directors of Orascom Investment Holding decided to change the capacity of Naguib Onsi Sawiris from Managing Director to Executive Chairperson of the Board as of 1 November along with appointing Marwan Mohamed Hussein as CEO.
The Board of Directors also agreed to accept the resignation of Akil Hamed Beshir from the chairpersonship of the board while continuing as a non-executive board member.
The company explained that the amendments in the formation of the Board of Directors came in light of the company’s implementation of some strategic projects in the renewable energy sectors and the development of tourism destinations at the African and regional levels.