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Orascom reports 113.5% jump in Q2 profit

Egyptian contractor delivers $50.6m in profit but revenue falls 20% to $750.1m

Gulf News

Dubai: Egyptian contractor Orascom Construction’s profit soared 113.5 per cent year-on-year in the second quarter of 2018 to $50.6 million (Dh185.85 million) compared to $23.7 million a year ago, and 59.6 per cent year-on-year for the first half to $825 million.

Consolidated revenue fell 20 per cent for the second quarter stood to $750.1 million, compared to $947.2 million a year ago. The company said in a statement that it has generated a healthy bottom-line while achieving operational milestones and maintaining its backlog.

Including the group’s 50 per cent share in Belgian group BESIX, the pro forma backlog as of June 30 totalled $6.2 billion while pro forma new awards increased 55.7 per cent to $1 billion in the second quarter and 30.2 per cent year-on-year to $1.9 billion in the first half.

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