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)

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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