Orascom Construction posts 175.5% YoY consolidated profit hike in Q1: Egypt

Reuters Images/Mohamed Abd El Ghany

Orascom Construction Plc is a leading engineering and construction contractor based in the UAE

Staff Writer, Arab Finance

June 2, 2023

PHOTO

Orascom Construction Plc has logged a consolidated net profit attributable to the owners of the company of $36.1 million in the first quarter (Q1) of 2023, compared to $13.1 million in Q1 2022, according to the company’s financial income statements filed to the Egyptian Exchange (EGX) on June 1st.

The company generated revenue of $804.9 million in Q1 2023, down from $979.7 million in the same quarter last year.

In terms of standalone financials, the company turned to a profit of EGP $8.133 million in Q1 2023, versus a loss of $21.178 million in the year-ago period.

Orascom Construction Plc is a leading engineering and construction contractor based in the UAE, primarily focusing on infrastructure, industrial, and high-end commercial projects in the Middle East, Africa, and the US.

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