$5.5bln worth of projects under implementation by Egypt’s Orascom Construction
Executive Director of Orascom Construction — revealed that the company has several projects worth $5.5bn that are still under implementation, and that it has signed contracts worth $617.5m during the first quarter (1Q) of 2022.
He added that the volume of these projects is in line with the level achieved the year before despite the depreciation of the value of the EGP.
Beshay also noted that MENA has witnessed new contracts worth $326.2m during 1Q of 2022 in the fields of transportation and water.
Furthermore, he said that American companies affiliated with Orascom signed new contracts worth $291.3m in 1Q of 2022 in the sectors of commerce, light industries, and data centres as well.
Additionally, the value of under-implementation projects of Basics Group — a subsidiary of Orascom — recorded an increase worth 7.5% on a comparative basis, reaching up to €5bn by the end of 1Q. It also signed new contracts amounting to €773.7m in 1Q of 2021.
Moreover, total revenues increased by 20%, reaching $979.7m, with transactions in MENA accounting for 76% of these revenues, while the remaining transactions were made in the US.
The company’s total net profits during the first three months of this year also reached $15.3m, compared to 2020’s $26.9m.
Consequently, the Board of Directors suggested that $27m in profits be distributed to shareholders at a rate of $0.2313 for each share in 3Q of 2022.