Egypt’s Orascom Construction 9-month profits rise 44.96%

Egyptian Orascom Construction’s nine-month profits rose 44.96 percent to $119.3 million from $82.3 million last year.

The financial indicators showed that the company accomplished gross profits of $273.2 million during the January-September 2018 period, compared to $248.8 million during the same period of 2017.

As for standalone results during the nine months, Orascom turned into profitability at $202.3 million, compared with losses worth $14.9 million during the same period last year.

The company recorded profits of $32.3 million during the third quarter of 2018, against $23.5 million during the same quarter of 2017, with an increase of 37 percent.

Consolidated profits marked a 60.6 percent increase in 2017, recording $85.1 million (1.5 billion pounds), versus $53 million in 2016.

Orascom Construction is a public company, listed on Nasdaq Dubai and Egyptian Exchange (EGX). It operates within the capital goods sector, with a focus on construction and engineering.

The company has companies operating across South and Central Asia, North America, Western Europe, North Africa, West Africa, and the Middle East.

Source: Egypt Today