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Orascom Construction’s profit slides 26% in Q1-20

Orascom Construction’s profit slides 26% in Q1-20
The dually-listed firm generated $827.6 million in revenue
Orascom Construction
OC
5.10% 4.95 0.24

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.