Arab Finance: Orascom Financial Holding (OFH) has turned to losses in the first quarter (Q1) of 2024, according to the consolidated financial statement filed to the Egyptian Exchange (EGX) on June 6^th.

The company has suffered a net loss after tax and attributable to the parent company of EGP 22.227 million in Q1 2024, versus a net profit of EGP 25.412 million in Q1 2023.

Operating revenues rose to EGP 2.255 million during the January-March period, up from EGP 917,000 in Q1 2023.

The firm announced before that it recorded standalone net profits after tax of EGP 62.472 million in Q1 of 2024, down 43.4% year on year (YoY) from EGP 110.471 million.

Founded in 2020, OFH is a technology-driven financial service investment company. The company is traded on the Egyptian Exchange under the symbol OFH.CA.

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