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Orascom Construction sees 114% rise in 2016 net income

Ahram Online , Thursday 27 Apr 2017
Orascom signed several important infrastructure contracts in Egypt throughout 2016, with activity sp
Orascom signed several important infrastructure contracts in Egypt throughout 2016, with activity spanning a wide range sectors including roads, power, water treatment and healthcare (Photo: Al-Ahram Hebdo)
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Orascom Construction, the leading construction company in the Middle East and North Africa, posted a consolidated net income of 48.7 million for the fiscal year 2016, up 114 percent from the year before, the company said in a statement on Thursday.

The company, which is listed in both Cairo and Dubai, also reported a rise of 4 percent in consolidated revenue to register $4 billion in 2016.

The building company was spun off from OCI NV in March 2015.

Egypt remains the largest constituent of the group’s backlog, contributing 52.7 percent of last year’s total of $5.26 billion.

Orascom signed several important infrastructure contracts in Egypt throughout 2016, with activity spanning a wide range sectors including roads, power, water treatment and healthcare.

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