Orascom Construction 3Q16 Net Income up 6.1% y-o-y

Tuesday, 22nd November 2016

Orascom Construction earned $26 mn in net income in the third quarter of 2016, according to an earnings release on Tuesday, an increase of 6.1% year-on-year.

The company’s revenue was divided evenly between MENA region and USA in the first nine months of 2016, as the company emphasizes that the consistency of the MENA region performance is led by Egypt.

Orascom signed contracts for new projects in Egypt during the third quarter of 2016 in the amount of $180 mn and confirmed that the “Recent economic changes in Egypt will not have a negative impact on the Group’s income statement due to the significant foreign currency components of the backlog,” according to the statement, in a reference to the country’s devaluation earlier this month.

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