Orascom Construction implements $5.4bln projects in 2020

ArabFinance: Orascom Construction (ORAS) generated revenues worth $3.4 billion (EGP 53.60 billion) in 2020, reflecting healthy operations and our successful collection and working capital efforts, and a consolidated EBITDA of $197.8 million (EGP 3.118 billion), according to the companys statement on March 25^th.

On a yearly basis, net income attributable to shareholders decreased 25.1% to $90.9 million (EGP 1.43 billion) last year. Net income in 2020 was impacted primarily by lower consolidated gross profit.

The Group increased its net cash position to $358.6 million (5.65 billion) last year, compared to $279.1 million (EGP 4.4 billion) in 2019.

By December 31^st 2020, the company generated operating cash flow of $138.2 million (EGP 2.178 billion), demonstrating the successful efforts in collections and working capital management.

In 2020, the company injected $5.4 billion (EGP 85.13 billion) investments in its projects under construction, in-line with the level achieved the previous year.

The companys board of directors proposed a dividend to shareholders of $27 million (EGP 425.66 million), or $0.231 per share (EGP 3.64).

Orascom Construction, formerly known as Orascom Construction Ltd, is a UAE-based engineering and construction contractor. It is a leading global engineering and construction contractor primarily focused on infrastructure, industrial and high-end commercial projects in the Middle East, Africa and the United States.

The company develops and invests in infrastructure opportunities, owns 50% of BESIX Group, and holds a construction materials and facilities management portfolio.