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Thursday, 28 March 2019

Earnings watch: Orascom Construction reports 2018 results

EARNINGS WATCH- Orascom Construction (OC) reported net income attributable to shareholders in 4Q2018 of USD 33.1 mn, up 635.6% y-o-y from USD 4.4 mn in the comparable period last year. Full-year net income came in at USD 144.7 mn in 2018, up 84.3% y-o-y from USD 78.5 mn in 2017. Revenues for the year came in 18.1% lower y-o-y at USD 3.01 bn compared to USD 3.68 bn in 2017, which is “mainly attributable to the completion of the two large chemical plants in Iowa and Texas.” Revenues for 4Q2018 also declined 9.6% y-o-y to USD 777.8 mn. The company’s consolidated backlog as of 30 December 2018 stood at USD 7.0 bn, with new awards standing at USD 2.3 mn. Infrastructure and commercial work made up the bulk of the backlog, accounting for 96.3% of the total. “We continue to play a leadership role in the development of Egypt’s infrastructure across all major segments of the industry. Mirroring our success in power, we have also built a strong backlog of water-related projects ranging from desalination to wastewater treatment to infrastructure,” CEO Osama Bishai noted. Tap or click here for OC’s results presentation (pdf) and here for its annual report (pdf).

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