Cairo-based Orascom Construction posted a 45 percent decline in net income for the first three months of the year as earnings were impacted by negative contribution from BESIX Group.
Net income attributable to shareholders reached $13.1 million in the first quarter, compared to $23.9 million in the year-ago period, according to a company statement on Friday.
BESIX saw its net loss widen to $11 million compared with $1.4 million in Q1 2021, the Nasdaq Dubai-listed company said. Excluding BESIX, the group recorded a net profit of 24.1 million in the first quarter.
Revenue for the period stood at $979.7 million in Q1 2022, up by 20 percent from $816.6 million in the previous year.
Orascom’s CEO Osama Bishai said the company maintained its backlog at $5.5 billion as the company added $617.5 million of new awards during the first quarter. “This backlog is in-line with the level achieved a year earlier despite the devaluation of the Egyptian pound," Bishai said.
He said the addition was supported by infrastructure projects in Egypt that were denominated in foreign currency.
Orascom's board of directors has proposed a shareholder dividend of $0.2313 per share, to be paid in the third quarter of 2022.
(Reporting by Brinda Darasha; editing by Cleofe Maceda)