Orascom Construction 2020 revenues grow 5.9%, but net profit dips

Orascom Construction Plc reported on Thursday a 5.9 percent year-on-year growth in consolidated revenue to $3.37 billion in 2020 from $3.18 billion in 2019.

Consolidated net profits recorded $97.1 million in 2020, down by 26 percent year-on-year from $131.1 million, including minority shareholders’ rights.

The net profits attributable to the owners of the company fell to $90.9 million last year from $121.3 million in 2019, while the profits attributable to minority interests dropped to $6.2 million from $9.8 million, the company said in a bourse filling on Thursday.

Over the course of 2020, revenues grew to $3.371 billion from $3.18 billion in 2019.

As for standalone business, the company turned to net losses of $7.4 million in 2020, against net profits worth up to $12.17 million in 2019.

Orascom’s board of directors recommended a cash dividend of $27 million or $0.231 per share for 2020.