Cairo – Mubasher: Orascom Construction recorded an annual leap in consolidated net profit to $49.80 million during the first quarter (Q1) of 2024, compared to $40.10 million.

Revenues dropped by 4.80% year-on-year (YoY) to $766.30 million in Q1-24 from $804.90 million, according to the financial results.

Basic and diluted earnings per share (EPS) reached $0.42 in the first three months (3M) of 2024, up from $0.31 a year earlier.

Total assets retreated to $3.25 billion in Q1-24 from $3.66 billion as of 31 December 2023.

Standalone Financials

The standalone net profits of Orascom Construction amounted to $3.73 million in the January-March 2024 period, down YoY from $8.13 million.

Osama Bishai, CEO of Orascom Construction,  said: “Our backlog as of 31 March 2024 remains near record levels at $7.30 billion, fully reflecting the devaluation of the Egyptian pound.”

“Our current backlog also allows us to maintain our selective approach in evaluating new opportunities across construction and concessions,” Bishai added.

Dividends

The CEO noted: “In line with our consistent commitment to shareholder returns, we will distribute a dividend of $0.20 per share in August.”

“This follows a special dividend of $0.27 per share distributed in October 2023 and an interim dividend of $0.19 per share distributed in February 2024,” he underlined.