Orascom Construction announces acquisition, transfer of ownership of equipment company in Egypt

CAIRO - 25 January 2022: Orascom Construction PLC announced the acquisition and transfer of ownership of a leading company in the field of importing, distributing and servicing equipment in Egypt.

 

The company stated in a statement to the Egyptian Exchange (EGX), that Orascom shareholders approved this acquisition at the extraordinary general assembly meeting on December 27, 2021.

 

Orascom Construction Plc achieved profits of $84.2 million during the period from January to the end of last September, compared to profits of $66.6 million in the comparable period of 2020.

 

The company's revenues rose during the period to $2.54 billion, compared to revenues of $2.44 billion in the comparable period last year.

 

As per standalone results, the company achieved losses of $14.7 million, compared to losses of $1.9 million in the comparable period of 2020.