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Orascom Construction reports 26% profit decrease

Orascom Construction reports 26% profit decrease

ArabFinance: Orascom Construction  (ORAS) posted a 26% Year on Year decline in its consolidated net profit for Quarter one (Q1) of 2020, according to the company’s May 21st financial statements filed to the Egyptian Exchange.

Consolidated net profit reached $24.9 million (EGP 393.83 million) in Q1 2020, compared to $33.7 million (EGP 533.02 million) achieved in Q1 2019.

Nevertheless, the company incurred a standalone net loss of $2 million (EGP 31.63 million) in Q1, against a profit of $1.8 million (EGP 28.47 million) in Q1 2019.

On May 20th, the company's general assembly approved cash dividends of $0.21 for 2019.

The company earlier signed an agreement with Ora Developers to build the first phase of ZED Sheikh Zayed in Egypt.

Ora also signed a loan agreement worth EGP 1 billion with Banque Misr to finance the first phase of the project.

Orascom Construction PLC, formerly known as Orascom Construction Ltd, is a UAE-based engineering and construction contractor. The company is primarily focused on infrastructure, industrial, and high-end commercial projects in US, the Middle East, Africa, and Central Asia for public and private clients.

 

*At press time, the exchange rate is $1= EGP 15.82

 

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