Orange – Egypt’s losses declined by 87% on an annual basis following a recent sales growth, according to the released consolidated financial indicators for the first nine months of 2018.
The company said in a statement issued to the Egyptian Exchange (EGX) that its losses from January to September 2018 reached EGP 234.9m compared to EGP 1.76bn in the same period in 2017.
The company’s sales during the same period in 2018 increased to EGP 10.19bn compared to EGP 9.3bn last year.
Regarding the company’s independent business, it recorded EGP 269.4m in losses down from EGP 1.65bn in the first nine months of 2017.
On the other hand, the company lost about EGP 252.5m during the first six months of 2018 down from EGP 1.1bn in the same period of 2017.
In July, the listing committee at the EGX called the main shareholder in Orange Egypt to write-off the company’s shares from the EGX optionally.
The EGX announced earlier the listing committee’s decisions regarding the companies that do not comply with the EGX’s rules to continue their listing in accordance with Article 53 concerning the EGX’s rules of registration and writing-off of securities issued by the Financial Supervisory Authority.