Cairo – Mubasher: The consolidated financial statements of Orascom Construction PLC, listed on Nasdaq Dubai and the Egyptian Exchange (EGX), showed a 26% year-on-year profit decrease during the first quarter of 2020.
The company reported net profits of $24.9 million in the January-March period, compared to $33.7 million in the same period of 2019, according to a bourse statement on Thursday.
The dually-listed firm generated $827.6 million in revenue during the first three months of the year, up from $705.6 million in the corresponding period a year earlier.
As for standalone business, Orascom Construction suffered net losses of $1.993 million in Q1-20, against net profits of $1.752 million in Q1-19.
It is noteworthy to mention that during 2019, the company’s net profits slid to $131.1 million from $154.7 million in 2018.