Cairo-based Orascom Construction posted a 16% decline in Q3 2022 net income attributable to shareholders to $23.9 million as earnings were impacted by negative contribution from BESIX Group and higher financing costs.  

However, the earnings beat the $16 million mean analysts' estimate as calculated by data provider Refinitiv.  

BESIX posted a net loss of $0.2 million compared with $6.5 million in Q1 2021, the Nasdaq Dubai-listed company said. Revenue for the period stood at $1.14 billion in Q3, up 33% year-on-year (YoY).  

The company had a net cash position of $113.1 million as of 30 September 2022 and positive operating cash flow of $61.1 million in Q3 2022.  

(Reporting by Brinda Darasha; editing by Daniel Luiz)