Orascom Construction posts $2B revenues in H1

CAIRO – 24 August 2017: Orascom Construction Ltd.’s consolidated revenues reached $2.013 billion in the first half (H1) of 2017. The MENA region accounted for 54 percent of total revenues, of which Egypt represented 91 percent, a Thursday statement said.

The company noted in a bourse filing to the Egyptian Exchange (EGX) that its two subsidiary firms Weitz and Contrack Watts comprised 28 percent of total revenues.

Earnings before interest, tax, depreciation and amortization (EBITDA) rose 12.1 percent to reach $111 million in the first six months of 2017 and went up 7.4 percent year-on-year to stand at $54 million in the second quarter.

EBITDA margin registered 5.5 percent and 5.7 percent in H1 and second quarter (Q2) of 2017, respectively, the report read.

Consolidated net income attributable to shareholders increased 4.7 percent year-on-year to reach $ 51.7 million in H1 of 2017 and decreased 10.2 percent to $23.7 million in Q2 of 2017.

On Monday, Orascom Construction Limited’s subsidiary, the Weitz Company, completed the largest student housing development in College Station, Texas on 2.2 million square feet.