Cairo – Mubasher: Orascom Construction Plc, listed on the Egyptian Exchange and Nasdaq Dubai, reported a 16% annual drop in profit over the first nine months of 2019 as shown in the consolidated financial statements.

The profits amounted to $100.3 million from January to September 2019, including minority shareholders’ rights, down from $119.3 million a year earlier. 

Revenues grew to $2.28 billion in the January-September period when compared to $2.23 billion in the corresponding period in 2018, according to a bourse statement on Thursday. 

On a quarterly basis, the profits totalled $33.1 million during the third quarter of 2019, compared to $32.3 million achieved in the same quarter in 2018.

As for the standalone financials, the profits sharply plunged to $20.6 million over the first three quarters in 2019 from $202.23 million a year earlier.

It is worth noting that during the first half of 2019, the company’s consolidated profits dipped by 23% at $67.2 million, versus $87 million in H1-18.