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.