Orascom Construction posts 21.7% increase in Q1 net income

Egypt-based Orascom Construction (OC) has reported a 21.7 percent increase y-o-y in its net income during the first quarter of 2017, reaching $28 million. The company’s earnings before interest, tax, depreciation, and amortisation (EBITDA) have increased by 17 percent y-o-y, reaching $57.1 million, according to a press release by the company on Tuesday.

“Part of our new projects in Egypt include a second water desalination plant, demonstrating our leadership in a sector, we believe, will experience increased demand. Furthermore, our large infrastructure work in Egypt continues to progress on-track as we simultaneously expanded operations in the roads and water sectors,” said OC’s CEO, Osama Bishai.

BESIX Group, a company of OC, continues to build on last year’s results and reported consistent performance in the first quarter (Q1) of the year, the report said. “We are also pleased to announce that BESIX added new awards totaling €848m this quarter, increasing its total backlog to €3.3bn,” the report said.

It also showed that consolidated revenues have increased by 9.5 percent y-o-y, to reach an amount of $1,0657bn in Q1 2017. The MENA region accounted for 56 percent of total revenues.

The company’s net cash position stood at $186.8 million on 31 March, compared to $204.1 million on 31 December. Additionally, total equity increased by 12.2 percent to reach $339.3 million.

Orascom Construction is a global engineering and construction contractor primarily focused on infrastructure, industrial, and high-end commercial projects in the Middle East, North Africa, the United States, and the Pacific Rim. The group develops and invests in infrastructure opportunities, owns 50 percent of BESIX Group, and holds a construction materials and property management portfolio.

Source: Daily news