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Orascom Construction's profits down 45% in Q1-22; dividends proposed

Orascom Construction's profits down 45% in Q1-22; dividends proposed
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Orascom Construction
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Mubasher: The consolidated net profits attributable to the owners of Orascom Construction Plc retreated by 45.1% to $13.1 million in the first quarter (Q1) of 2022 from $23.9 million in the same period of 2021.

The company generated revenues of $979.7 million in Q1-22, up 20% year-on-year (YoY) from $816.6 million, according to the company's consolidated financials for the three-month period ended 31 March 2022.

The company's backlog rose by 2.3% YoY to $5.52 billion in Q1-22 from $5.39 billion.

The basic earnings per share (EPS) stood at $0.11 in the first three months (3M) of 2022, versus $0.20 in the year-ago period.

Meanwhile, the company's board has proposed a dividend of $27 million, which will be paid in the third quarter (Q3) of 2022.

It is noteworthy to mention that in 2021, the consolidated net profits attributable to the owners of Orascom Construction increased by 24.8% to $113.4 million, compared to $90.0 million in 2020.