ArabFinance: Orascom Construction (ORAS) posted a 26% Year on Year decrease in its consolidated net profit for Quarter 1 (Q1) of 2020, according to the company’s May 21st financial statements filed to the Egyptian Exchange.
Consolidated net profit reached $24.9 million (EGP 393.83 million) in Q1 2020, compared to $33.7 million (EGP 533.02 million) achieved in Q1 2019.
Nevertheless, it incurred a standalone net loss of $2 million (EGP 31.63 million) in Q1, compared to posting $1.8 million (EGP 28.47 million) in Q1 2019.
On May 20th, the company's general assembly approved cash dividends of $0.21 for 2019.
The company signed an agreement with Ora Developers to build the first phase of ZED Sheikh Zayed in Egypt.
Ora also signed a loan agreement worth EGP 1 billion with Banque Misr to finance the first phase of the project.
Orascom Construction, formerly known as Orascom Construction Ltd, is a UAE-based engineering and construction contractor. The company is primarily focused on infrastructure, industrial, and high-end commercial projects in US, the Middle East, Africa, and Central Asia for public and private clients.
At press time, the exchange rate is $1= EGP 15.82
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