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Orascom Construction Industries registers EGP 789.6m profit in Q1 2015 - Daily News Egypt

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Orascom Construction Industries registers EGP 789.6m profit in Q1 2015

Company turns to profit after registering an EGP 207.9m during the same quarter last year


The consolidated net profit for Orascom Construction Industries S.A.E reached EGP 789.6m during the first quarter (Q1) of 2015, the company announced in an official statement, adding that total revenues amounted to EGP 1.6bn. During the same quarter of the preceding year, the company registered an EGP 207.9m loss, and EGP 2.3bn in revenues. During the same quarter, the company’s standalone profits reached 395.6m, compared to the previous year’s losses of EGP 895.2m. In 2013, the company’s losses totalled EGP 1.4bn, while in 2014 it surged to EGP 4.6bn in profits. The company stressed that its ownership is not tied to the Netherlands’ Orascom Construction Industries (OCI NV) or the Emirati Orascom Construction Limited. In August, Orascom Construction’s wholly-owned US-based subsidiary firm, Weitz Company, was selected to design and construct a new student housing project at Texas A&M University, worth $245m. The company described the housing complex, which will cover 1.8m sqf of facilities, as the largest in the US. It will accommodate more than 3,400 students, and will include dining and fitness facilities, alongside an eight-story parking garage, as well as retail and office space. Osama Bishai, CEO of Orascom Construction, commented: “Weitz has increased its focus on larger contracts across its markets and the award of this project is testament to this strategy’s success.” He noted that they expect additional sizeable contracts in the future to “help drive Weitz’s consistent growth”. Last month, the Orascom Construction-Hassan Allam alliance won a bid for the construction of three military airports that will also be open to use by civilians. The airports are in El-Maliz in Sinai, Katameya and West Cairo.

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https://www.dailynewsegypt.com/2015/10/04/orascom-construction-registers-egp-789-6m-profit-in-q1-2015/
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