Orascom Construction announced a net profit of EGP 204.4 million in the first quarter (Q1) of 2016, in comparison to EGP 51.5 million for Q1 2015, Reuters reported.
The dual-listed company in Cairo and Dubai reported earnings before interest, taxes, depreciation and amortization (EBITDA) of EGP 433.6 million, with a steady backlog of EGP 54.2 billion, of which 47% is in Egypt. The company also said it has signed contracts worth of EGP 4.5 billion in Egypt, Algeria, and the United States during the first quarter.
“In Egypt, we are pleased with the excellent progress of our large power and transportation projects, and continue to add new work in our competitive sectors,” CEO Osama Bishai said.
The company signed contracts for the third phase of the Cairo metro’s third line in the Q2, Bishai said, adding that the company is working on two infrastructure projects in Saudi Arabia, Daily News Egypt reported.
Orascom, which is operated by the Sawiris family, was one of the biggest players in Egypt’s stock market, though it pulled out in 2013 when Amsterdam-listed OCI NV, another Sawiris owned company, bought out the majority of its shares. OCI moved its construction assets primary listing to Cairo, in March 2016.