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Orascom Construction posts $133m consolidated profits in H1-23; backlog hits $5.5bn

Orascom Construction posts $133m consolidated profits in H1-23; backlog hits $5.5bn
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Orascom Construction
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Cairo – Mubasher: Orascom Construction recorded consolidated net profits standing at $132.90 million in the first half (H1) of 2023, versus $40.50 million in H1-22, including minority shareholders’ rights.

The real estate developer posted revenues amounting to $1.56 billion in January-June 2023, down 18.30% year-on-year (YoY) from $1.91 billion, according to the consolidated income statements.

Basic earnings per share (EPS) increased to $0.85 in the first six months (6M) of 2023 from $0.29 a year earlier.

Total assets hit $3.40 billion during H1-23, compared to $3.53 billion as of 31 December 2022.

As for the standalone business, the property company shifted to net profits worth $73.69 million as of 30 June 2023, against net losses valued at $23.55 million.

Financial Statements for Q2-23

During the second quarter (Q2) of 2023, Orascom Construction witnessed higher consolidated net profit after tax at $92.80 million, compared to $25.20 million in Q2-22, including non-controlling equity.

Revenues dropped by 18.90% to $758.60 million in April-June 2023 from $934.90 million during the same period a year earlier, while the EPS climbed to $0.55 from $0.18.

Meanwhile, the listed firm turned profitable at $65.55 million in Q2-23, versus standalone net losses amounting to $2.38 million.

Osama Bishai, CEO of Orascom Construction, said: “On our [engineering, procurement, and construction] EPC business, we added $735.70 million of new awards during the quarter and maintained our backlog at a consistent level of $5.50 billion.”

Bishai highlighted: “Construction at the new 500 [megawatt]MW build-ownoperate wind farm in Egypt is well underway and ahead of schedule.”

“This project also exemplifies our growing concessions portfolio under development, which now encompasses several key sectors including water, renewable energy, and hydrogen in three different countries, Egypt, UAE, and Saudi Arabia,” he added.

In Q1-23, the consolidated net profits jumped to $40.10 million from $15.30 million in Q1-22.