Cairo – Mubasher: Orascom Construction posted consolidated net profits after tax valued at $70.70 million in the first half (H1) of 2024, an annual drop of 46.80% from $132.90 million.
Revenues reached $1.47 billion in H1-24, down 5.50% year-on-year (YoY) from $1.56 billion, according to the financial statements.
Basic earnings per share (EPS) plunged by 43.60% YoY to $0.64 as of 30 June 2024 from $1.14.
Standalone Financials
In the first six months (6M) of 2024, Orascom Construction turned to standalone net losses after tax worth $14.10 million, compared to profits of $73.70 million a year earlier.
Non-consolidated loss per share reached $0.13 in H1-24, against profit per share valued at $0.63 in H1-23.
Financials for Q2-24
In the second quarter (Q2) of 2024, the company’s consolidated revenues declined by 6.30% to $711.10 million from $758.60 million in Q2-23.
Osama Bishai, CEO of Orascom Construction, said: “As of June 30, our backlog stands at a healthy $7.70 billion, positioning us to remain selective in pursuing new opportunities while maintaining our focus on project execution to capitalize on the current backlog.”
“Backlog in the U.S. reached a record $1.90 billion as of June 30, led by sustained expansion in the data centre and aviation sectors,” Bishai added.
He indicated: “In concessions, we achieved major progress at our new 500 MW Build-Own-Operate (BOO) wind farm in Egypt, with a target to energise the first phase of the project in Q4-24 approximately two months ahead of schedule.”
“In the UAE, construction is on track at the largescale seawater treatment and supply BOOT project for ADNOC in Abu Dhabi. BESIX maintained profitability this quarter and reported a backlog of EUR 6.8 billion,” the CEO highlighted.
Dividends
Bishai commented: “We maintained our semi-annual dividend policy, distributing a dividend of $0.20 per share in August. This follows dividends distributed in October 2023 and February 2024 and reiterates our commitment to shareholder returns.”
In the January-March 2024 period, the EGX-listed firm registered consolidated net profits worth $49.80 million, up YoY from $40.10 million.
