Earnings Watch- Orascom Construction reports USD 9.5 mn in net profit in 2Q2020
EARNINGS WATCH- Orascom Construction (OC) profits dropped to USD 9.8 mn 2Q2020, down from USD 31.3 mn in 2Q2019, the company said in its earnings release (pdf). Revenues for the quarter were up 0.1% y-o-y to USD 791.2 mn.
Stable 2Q2020 revenues indicate a “healthy rate of execution” in the company’s projects despite “operational challenges related to the current environment,” said OC CEO Osama Bishai. While gross margins came under some pressure in May due to the “nationwide slowdown in Egypt,” the company remains focused on “project controls, cost optimization and cash flow” in the coming period he added. OC also made good on its dividend commitment over 1H2020 by distributing “USD 0.21 per share earlier this month.”
MOVES- Also from OC, Nada Shousha (Linkedin) has been nominated as a non-executive independent board member with shareholders set to confirm her appointment on 17 September, according to a press release (pdf). Shousha was previously regional manager for Egypt, Libya and Yemen for the International Finance Corporation. Her other board memberships include current appointments to the Egyptian American Enterprise Fund, the Bank of Palestine, and AXA Egypt.