Cairo: Orascom Construction logged consolidated net profits after tax worth $134.30 million in 2022, higher than $125.30 million in 2021, including minority interest.

Revenues hiked to $4.17 billion last year from $3.54 billion during the January-December 2021 period, according to the income statements.

The earnings per share hit $0.97 as of 31 December 2022, unchanged from 2021. Meanwhile, the total assets plummeted to $3.53 billion from $4.10 billion

Standalone Financial Results

The EGX-listed firm reported net losses worth $6.79 million during the 12-month period that ended on 31 December 2022, versus $19.43 million a year earlier.

Total non-consolidated assets amounted to $799.55 million last year, a year-on-year (YoY) rise from $791.64 million.

Osama Bishai, CEO of Orascom Construction, noted: “We recorded another year of healthy new awards mostly in Egypt and the US, providing us with sufficient revenue visibility and comfort over the next year.”

“New awards reached $3.60 billion in 2022 across the group, in line with the strong level achieved a year earlier, and backlog stood at $5.30 billion,” Bishai added.

He underlined: “Revenue increased 17.90% YoY to $4.20 billion while [earnings before interest, taxes, depreciation, and amortisation] EBITDA and net income were maintained YoY. This performance reflects the positive contribution from all operating segments and BESIX.”

The CEO concluded: “BESIX ended the year on a positive note, recording an increase in contribution to our bottom line of 26.60% YoY and reporting a backlog of EUR 5.30 billion.”

During the first nine months (9M) of 2022, the real estate developer posted a 16.62% YoY drop in consolidated net profit to $70.20 million from $84.20 million.

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