Orascom Construction registers higher consolidated profits in Q1-23

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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.