Orascom Development Holding’s (ODHN AG) results for the first quarter (Q1) of 2015 indicate that the company made losses worth CHF37.963m (EGP 306m), according to a statement to the Egyptian Stock Exchange (EGX).
This compares to profits made in the same period last year that amounted to CHF3.9m (EGP 31.44m). Meanwhile, the company achieved revenues worth EGP 74.8m during Q1, compared to EGP 69.8m in the same period last year.
In April 2015, the company announced that it had shifted to profitability in 2014, scoring a consolidated net profit worth CHF 36.2m ($37.01m), compared to losses worth CHF 167.5m ($171.3m) in 2013.
The 2013 losses were mainly attributed to political instability in Egypt at the time, which affected the group’s performance, especially in the second half of 2013, according to the company’s annual report for that year.
In January 2015, ODHN AG, the major shareholder in Orascom Hotels and Development (OHD), sold a 15% stake in OHD through a private and public placement in the Egyptian stock market.
ODHN AG is registered on Switzerland’s stock market, and has a 99.68% share of OHD. The company is chaired by Samih Sawiris, a member of Egypt’s richest family. The company, through its subsidiary, provides real estate infrastructure, leisure services, and hotel development.