Egypt’s Orascom Construction recorded an increase of 13.9% year-on-year (YoY) in its net income attributable to shareholders to amount to nearly USD 32 mn in Q1-18 versus USD 28 mn in the same-prior year, Invest-Gate reports.

The Egyptian developer affirms, in an earnings release issued on Tuesday, May 22, that consolidated EBITDA increased 5.6% YoY to USD 60.3 mn in Q1-18 while EBITDA margin ameliorated to 8%.

However, the developer’s revenues retreated to USD 756.8 mn in Q1-18 versus USD 1.07 bn logged during the same period last year.

Orascom’s CEO Osama Beshai describes the first quarter’s results as a “strong foundation for the rest of the year,” and stresses that Orascom will continue to reinforce its position as an integral player in the development of Egypt’s infrastructure.

“We recently achieved power-to-grid for the 4,800 megawatt Burullus Power Plant, one of the largest power plants in the world. We are proud of this milestone as Burullus was the last of the mega power projects in Egypt to start and had the most challenging site and conditions. Nevertheless, we were still able to set a new global benchmark in the execution of fast-track power projects while exceeding 44 mn man-hours without lost time injury (LTI),” Beshai is quoted in the statement as saying.

Orascom reveals in its statement an increase in its scope in the road expansion network in Egypt as well as signing additional infrastructure and commercial work, which will strengthen its position as a leading player in all major construction segments in Egypt.