EARNINGS WATCH- Orascom Construction profits dipped 16.2% y-o-y in 2019 to USD 121.3 mn, compared to USD 144.7 mn the previous year, the company said in its earnings release (pdf). Revenues for the year increased 5.7% to USD 3.184 bn. The company attributed the drop in profits to higher net financing costs through the first three quarters of 2019, in addition to “a one-off negative contribution from Besix.” The company’s profits dropped 16.6% y-o-y in 4Q2019, while revenues rose 15.5% y-o-y during the quarter. OC’s consolidated EBITDA jumped 89.2% y-o-y to USD 68.5 mn in 4Q2019, and rose 29.5% y-o-y to USD 268.2 mn in 2019.

The company’s consolidated backlog excluding Besix increased 25.2% y-o-y to USD 5.4 bn as of 31 December 2019. Consolidated new awards jumped 51.15% y-o-y to USD 3.5 bn in 2019. Including the group’s 50% share in Besix, pro forma backlog as of the end of the year rose 15.4% y-o-y to USD 8.1 bn. OC will be distributing dividends to its shareholders at USD 0.21 per share. “While our FY 2019 financial results and current financial position allow us to distribute a higher dividend, we elected to take a more prudent approach given the potential uncertainty related to covid-19,” said CEO Osama Bishai. The company could revisit a second dividend distribution later in 2020.

Fawry profits almost double in 2019: Fawry’s net profits surged by 88% in 2019, hitting EGP 130.4 mn compared to EGP 69.2 mn in 2018, according to the company’s earnings statement (pdf). Revenues rose to EGP 884.1 mn during the year, up 45% from EGP 609.7 mn.