Egypt took lion share of Orascom’s projects in Q3 2017

CAIRO – 4 October 2017: Orascom Construction Ltd company, listed on Dubai’s stock exchange NASDAQ and the Egyptian Exchange (EGX), added $750 million worth of projects to its portfolio in the third quarter of 2017.

In a Wednesday statement to the EGX, OC said the projects are located in Egypt, the Middle East and the United States.

Egypt took the biggest share of the company’s newly added projects, at $550 million.
In the first half (H1) of 2017, OC has achieved 21 percent hike in consolidated profits to record $58.8 million, compared to $48.5 million in H1 2016.

OC’s consolidated revenues reached $2.013 billion in H1 of 2017, where the MENA region accounted for 54 percent of total revenues, of which Egypt represented 91 percent.

Meanwhile, its two subsidiary firms, Weitz and Contrack Watts, accounted for 28 percent of total revenues.

The company’s 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 the first half and second quarter of 2017, respectively, the company said.