The board of Directors of Orascom Investment Holding has approved the adoption of the fair value study on company I.O.K.S.P.E. EMPREENDIMENTOS E PARTICIPACOES Ltd., submitted by the independent financial adviser Zila securities financial consulting, and in the same context, approving the offer to purchase the company’s assets by selling 100% of the company’s shares in the companies owning the assets in Brazil.
The statement sent by the company to the stock exchange showed that the fair value of its subsidiary in Brazil is estimated at 266 million pounds.
The results of the work of Orascom Investment Holding Company for the first half of this year 2023, in terms of the consolidated financial statements, showed a decrease in profits recorded 86 million pounds, compared to profits of 105 million pounds for the first half of 2022.
Operating income amounted to EGP 76.9 million for the period ended June 2023, compared to operating income of EGP 38.6 million for the first six months of 2022.
Operating losses amounted to EGP 27.8 million during the first half of this year, compared to operating losses of EGP 55 million for the first half of 2022.
In terms of the independent financial statements for the first half of this year, profits declined, recorded by 13 million pounds, compared to profits of 448.8 million for the first half of 2022.
The total income amounted to EGP 13.6 million for the period ending in June 2023, compared to a total income of EGP 10.5 million for the first six months of 2022.
Net revenues amounted to EGP 167 million during the first half of this year, compared to EGP 118.5 million for the same period in 2022.
It is noteworthy that the company’s business results for the fiscal year 2022, at the level of consolidated financial statements, achieved a decline in profits to reach 428 million pounds, compared to profits of 861.2 million pounds during 2021.
