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CAIRO - Orascom Investment Holding S.A.E. reported a net loss of $39.3 million for the year ended December 31, 2023, compared to a profit of $37.6 million in 2022, according to the company’s annual financial report released Tuesday.
The Egypt-based investment company saw its total assets decrease to $204.6 million from $250.3 million in the previous year. Total equity fell to $66.6 million from $125.2 million.
Revenue for the year reached $5.8 million, up slightly from $5.1 million in 2022, primarily generated from the company’s entertainment segment in Egypt.
A significant factor in the financial decline was a $49.4 million impairment loss on financial assets, compared to a $0.6 million gain in the previous year. The company also recorded higher personnel costs of $9.1 million, up from $5.7 million in 2022.
The company’s financial position was partially offset by a $9.4 million gain from discontinued operations, primarily from the sale of real estate assets in Brazil for approximately $17.6 million.
Orascom’s borrowings increased to $103.4 million from $79.9 million in 2022, including a non-interest-bearing loan of $70.9 million from its North Korean associate Koryolink.
The company maintains a 60% stake in Koryolink, its telecommunications joint venture in North Korea, though operations continue to be affected by international sanctions.
Based on the financial statement, Orascom Investment Holding reported basic and diluted losses per share of $0.0093 from continuing operations, compared to earnings of $0.0072 per share in the previous year.
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