Cairo-based Orascom Construction's Q2 2023 net income attributable to shareholders soared year-on-year (YoY) to $61.8 million on the back of divestment and foreign currency gains.

Excluding the one-off items, net income stood at $20.8 million for the quarter, beating the $16 million mean analysts' estimate calculated by data provider Refinitiv.  

Consolidated revenue came to $758.6 million for the period--down 19% YoY--with the bulk of the revenue coming from its MEA operations, the Nasdaq Dubai-listed Orascom said in a statement on Wednesday.

Net income in Q2 2023 benefitted from the divestment of two building material subsidiaries, and from foreign exchange gains due to its favourable currency net asset position in Egypt, the company said.

Net income contribution for its 50% stake in BESIX increased 44.4% YoY to $6.5 million in Q2 2023. Orascom also received a dividend from BESIX of EUR 10 million ($10.9 million) for the quarter.

The company had a net cash position of $163 million as of 30 June 2023.

Net profit for H1 2023 came to $98.7 million.

(Reporting by Brinda Darasha; editing by Seban Scaria)