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Cairo-listed Orascom Construction sees whopping rise in net income in Jan-Mar

Ahram Online , Thursday 26 May 2016
Sawiris Towers
People walk past the Sawiris Towers where the Middle Eastern telecommunications headquarters of Orascom Telecom is located in Cairo September 18, 2011 (reuters)
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Orascom Construction Ltd, listed in both Cairo and Dubai, saw a whopping rise of 296.6 percent in 2016’s first quarter net income to register $23 million, compared to the same quarter last year, the company said Thursday on its website.

The leading global engineering and construction contractor reported revenue of $973 million during the same period, up 13.4 percent from the year before.

The company’s consolidated backlog grew 8.8 percent to $6.1 billion from January to March this year, with Egypt remaining the largest chunk of the backlog at 47.1 percent.

The group signed new contracts totaling $510.4 million in MENA and the US during Q1/2016.

The company, headquartered in Dubai, was spun off from OCI NV in 2015.

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