PHOTO
An Orascom construction worker poses at Egypt's new administrative capital, approximately 45 km (30 miles) north of the current capital Cairo, Egypt October 18, 2017. Picture taken October 18, 2017.
Orascom Construction posted consolidated net profits amounting to $40.10 million in the first quarter (Q1) of 2023, higher than $15.30 million in Q1-22.
Earnings per share (EPS) increased to $0.31 as of 31 March 2023 from $0.11 in the year-ago period, according to the consolidated financial results.
The revenues hit $804.90 million during the first three months (3M) of 2023, compared to $979.70 million in 3M-22.
Meanwhile, the EGX-listed firm turned to standalone net profits valued at $8.13 million in the January-March 2023 period, against net losses worth $21.17 million in Q1-22.
Last year, the company’s consolidated net profits after tax increased to $134.30 million from $125.30 million in 2021, including minority interest.
Earlier in May, Orascom Construction partnered with Abu Dhabi National Oil Company (ADNOC), Abu Dhabi National Energy Company (TAQA), and Metito for a joint project estimated at up to $2.40 billion.
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