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Orascom Construction logs $97m profit, $5.4bn backlog in 2020; dividends proposed

Orascom Construction logs $97m profit, $5.4bn backlog in 2020; dividends proposed
Revenues grew to $3.371 billion in 2020
Orascom Construction
OC
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Cairo – Mubasher: Orascom Construction Plc reported consolidated net profits of $97.1 million in 2020, down by 26% year-on-year (YoY) from $131.1 million, including minority shareholders’ rights.

The net profits attributable to the owners of the company declined to $90.9 million last year from $121.3 million in 2019, while the profits attributable to minority interests fell to $6.2 million from $9.8 million, according to a statement to the Egyptian Exchange (EGX) on Thursday.

Over the course of 2020, revenues grew to $3.371 billion from $3.18 billion in 2019.

As for standalone business, the company turned to net losses of $7.4 million in 2020, against net profits of $12.17 million a year earlier.

The company’s board of directors recommended a cash dividend of $27 million or $0.231 per share for 2020.

Consolidated backlog, excluding BESIX, reached $5.4 billion as of 31 December 2020, in-line with the level the achieved in 2019. Consolidated new awards rose by 16% YoY to $920.2 million in the fourth quarter (Q4) of 2020 and fell by 17.8% YoY to $2.9 billion in 2020.