PH
Orascom Financial Holding (OFH), a privately owned investment corporation affiliated to Egypt’s Sawiris family, recorded a consolidated net loss of EGP 22.81 million ($479,062.20) in the first quarter of 2024. This marks a significant decrease from the net profit of EGP 19.81 million ($416,406.20) recorded in the same period the previous year.
Despite this financial setback, OFH’s revenues increased dramatically to EGP 2.25 million ($47,295) in Q1 2024, up from EGP 917,000 ($43,539,160) in Q1 2023, according to the interim financial results. The company recorded a loss per share of EGP 0.0047 (0.000099) for the three-month period ending March 31, 2024, compared to earnings per share (EPS) of EGP 0.0050 ($0.00011) in the same period the previous year.
According to a report from 2021, OFH reduced its investment in Beltone Financial Holding SAE to 59.22 percent from 61.24 percent. OFH revealed in a statement filed with the Egyptian Exchange that it sold 9 million shares at EGP 2.34 ($0.15) each, for a total of EGP 21.086 million ($1.34 million).
OFH is a technology-driven financial services investment firm that strives to invest in firms that are revolutionizing the traditional financial services industry through innovative products and services. The late Onsi Sawiris, a member of Egypt’s affluent Sawiris family, launched the corporation in 1997.
The millionaire was noted for co-founding and serving as managing partner of HOF Capital (with Fady Yacoub and Hisham Elhaddad), which had an AUM of $200 million. At HOF, he concentrated on cloud-based technology, fintech, and enterprise SaaS. OFH is now run by his son, Naguib Sawiris.
Beltone Financial Holding SAE is an Egyptian firm that operates in the diverse financial industry, with a concentration on investment banking and brokerage. The company offers brokerage services, asset management, investment banking, liquidity services in regional markets, and research and analysis. Beltone is also developing Beltone Trade, an online trading platform that will provide features such as access to fundamental research and current information, as well as customisable conditional alerts, watchlists, and screens.
OFH saw a turnaround in 2023, with a consolidated net profit of EGP 20.45 million ($429,859), a significant increase than the previous year’s net loss of EGP 133.39 million ($2.8 million). However, OFH’s recent financial performance demonstrates the volatility of its results, with a significant increase in revenue failing to translate into profitability in the most recent quarter. To regain profitability, the organization must address the reasons that have contributed to its recent losses.
The Sawiris family’s influence in the banking and investment industries remains strong, and OFH’s strategic decisions reflect the company’s continued efforts to adapt and grow in a changing market environment.
