Earnings watch: Orascom Construction
EARNINGS WATCH– Orascom Construction Limited (OC) reported net income attributable to shareholders in 2Q2017 of USD 23.7 mn, down from USD 26.4 mn in the same period last year. Revenues came in at USD 947.2 mn in 2Q2017 against USD 1.024 bn in the same period last year. Revenue was up slightly YTD at USD 2.0 bn, with attributable net income climbing nearly 5% to USD 51.7 mn. The company’s backlog as of 30 June 2017 was impacted by approximately 20% due to the EGP float. Infrastructure and industrial work continue to account for the majority of the consolidated backlog, representing 86% of total, the company said. OC added a total of USD 500 mn of new awards during 1H2017, including a USD 100 mn contract to build a 650 MW steam turbine power plant in Assiut’s Walidiya in July. “The contract brings total capacity under construction to 11,000 MW and positions the Group for more power opportunities in Egypt and the region,” reads the company’s release.