Egyptian firm Orascom Construction’s Q4 profit surges over 50% to $56m
RIYADH: Egypt’s Orascom Construction Co. saw a 50.4 percent year-on-year net profit increase in the fourth quarter of 2022, with a rise in construction operations helping the firm hit $55.8 million
Across the whole of 2022, the Cairo-based firm its total profits rise 0.1 percent to $113.5 million, compared to $113.4 million in the same period of 2021.
Orascom's total revenues increased by 17.9 percent to reach $4.17 billion, compared to $3.53 billion in 2021, with the increase attributed to all operating segments and its joint venture BESIX-Orascom Construction.
It also announced $5.3 billion worth of projects in progress compared to $6.08 billion in 2021, a decline of 13.4 percent, and a pro forma backlog of $8.1 billion, including its 50 percent stake in BESIX.
“Starting with our priority on health and safety, we recorded accomplishments at our projects in Egypt, Saudi Arabia, and the US such as a substantial increase in man-hours without Lost Time Injury across the board,” Osama Bishai, CEO of Orascom Construction said in a statement.
He added that Orascom Construction took many steps to expand its investments in the renewable energy sector during the last quarter of 2022.