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Orascom Construction reports lower profit

Orascom Construction reports lower profit

ArabFinance:  Orascom Construction PLC (ORAS) posted a consolidated net profit before minority interest of $15.6 million (EGP 245.18 billion) in quarter one (Q1) 2021, according to the company’s May 20th financial statements filed to the Egyptian Exchange.

This marked a Year on Year (YoY) decrease of 10% when compared to $17.3 million (EGP 271.89 billion) in Q1 2020.

Standalone net loss reached $4.976 million (EGP 78.20 million) in Q1 2021, a 150% decline from $1.993 million (EGP 31.32million) loss incurred in Q1 2020.

The listed company’s board of directors ratified cash dividends of $0.2313 (EGP 3.63) per share

Orascom Construction PLC is a UAE-based engineering and construction contractor. It is a global engineering and construction contractor primarily focused on infrastructure, industrial, and high-end commercial projects in the Middle East, Africa, and the United States.

 

At the press time, the conversion rate is $1 = EGP 15.72

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