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Orascom Construction’s 9M-23 consolidated profit leap 98.6%; backlog hit $7bn

Orascom Construction’s 9M-23 consolidated profit leap 98.6%; backlog hit $7bn
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Orascom Construction
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Cairo – Mubasher: The consolidated net profits attributable to shareholders of Orascom Construction hit $114.80 million in the first nine months (9M) of 2023, an annual hike of 98.60% from $57.80 million.

Revenues amounted to $2.36 billion in 9M-23, down 22.50% year-on-year (YoY) from $3.05 billion, according to the consolidated financial statements.

Basic and diluted earnings per share (EPS) grew to $1.01 at the end of September 2023, compared to $0.49 a year earlier.

Standalone Results

Orascom Construction shifted to standalone net profits amounting to $67.58 million in January-September 2023, against net losses worth $23.60 million in 9M-22.

Financials for Q3-23

During the third quarter (Q3) of 2023, the group posted consolidated net profits after tax valued at $16.10 million, lower by 32.60% than $23.90 million in Q3-22.

The revenues fell by 29.60% to $801.70 million in Q3-23 from $1.13 billion a year earlier, while the EPS dropped to $0.15 from $0.20.

Non-consolidated net losses enlarged YoY to $6.11 million in the July-September 2023 period from $45,889.

Osama Bishai, CEO of Orascom Construction, said: “We continue to take steps to implement our long-term strategy and navigate a challenging environment in Egypt impacted by inflation and currency devaluation.”

“Total new awards in Q3-23 amounted to $2.30 billion, driving backlog to a record $7 billion. Egypt and the UAE accounted for 79% of new awards during the quarter,” Bishai added.

The CEO highlighted: “New awards in the U.S. accounted for the balance and maintained strong momentum, mainly led by large data center projects.”

Dividends

“We distributed a dividend of $0.27 per share on 31 October, which adds to the 5.60% share buyback executed in June and reiterates our commitment to shareholder return,” the official revealed.

As of 30 June 2023, the company achieved $132.90 million in consolidated net profit, an annual leap from $40.50 million including minority interest.