Samih Sawiris' daughter resigned from Orascom.. Why?
After her father's controversial statements about Egypt's economy, Samih Sawiris' daughter resigned from Orascom .
Shrouq
Taya Samih Onsi Naguib Sawiris, daughter of businessman Samih Sawiris, resigned from the board of directors of Orascom Development Holding, owned by her father, today, Monday, May 15, 2023.
Taya Samih Sawiris' resignation came days after her father's statements about the Egyptian economy, and his suspension of investment in Egypt until the economic vision became clear, while his brother Naguib Sawiris denied that the first intended any harm to the Egyptian economy and Egypt's reputation with these statements.
Sawiris' statements
Samih Sawiris, founder of Orascom Development Company, said that the real estate market will witness the exit of a number of real estate companies as a result of the current crisis due to inflation factors and the rise in the value of the dollar, which leads to filtering out companies that are not serious about implementation and delivery.
Orascom Development Egypt
The consolidated financial statements of Orascom Development Egypt revealed, in a disclosure to the Egyptian Stock Exchange today, Monday, for the first quarter of this year, that the company's profits decreased by 17.1%, on an annual basis.
The company said, in a statement to the Stock Exchange, that it recorded a net profit of 383.99 million pounds from the beginning of January until the end of March 2023, compared to 463.7 million pounds in profits during the same quarter of last year, taking into account minority interests.
Orascom Development Holding revenues, first quarter 2023
The profits of the shareholders of the parent company amounted to about 291.48 million pounds during the three months, compared to 420.1 million pounds in profits in the comparative quarter.
While the profits of non-controlling shareholders amounted to about 92.5 million pounds in the first quarter, compared to 43.6 million pounds in the comparative quarter.
The company's revenues increased during the period to 2.95 billion pounds by the end of March 2023, compared to 1.93 billion pounds during the same period last year.
In terms of non-consolidated financial statements, the profits of the independent company declined during the first three months of this year to 41.24 million pounds, compared to 354.63 million pounds during the same quarter of 2022.
Orascom Development Egypt achieved a net profit of 1.907 billion pounds in 2022, compared to profits of 1.31 billion pounds in 2021.
