Egypt : Orascom Construction has $6.1bn-worth of projects underway

  • 24 March 2022 / News / 437 / Fares RAHAHLIA

Egypt : Orascom Construction has $6.1bn-worth of projects underway

Orascom Construction achieved an increase in the value of projects under implementation by 12% to reach $6.1bn.

The company recorded an increase in the value of its revenues by 5.1% to record $3.542bn during FY2021.

Earnings before interest, taxes, depreciations, and amortisation increased by 3.3% to reach $204m at the end of 2021 compared to 2020.

Net profit attributable to shareholders increased by 43.2% to $37.1m in the fourth quarter (4Q) of 2021 and 24.9% to $113.4m by the end of 2021.

The net cash balance increased to $441.6m and the operating cash flow rose to $201.2m as well.

“We have completed another year with significant achievements. However, we cannot isolate ourselves from the current global developments and challenges that we are witnessing and that we intend to tackle in 2022,” said Orascom Constructions CEO Osama Bishai.

“Beginning with environmental, social, and governance requirements, we are proud to record consistently better results in many health and safety measures despite an increase in working hours by 13% in 2021.”

“This performance and continuous success are achieved through our efforts and commitment in addition to the strict protocols in place for us. We are also pleased to work on projects specialised in improving environmental conditions and water shortages, such as the Bahr Al-Baqar water treatment project in Egypt, which is the largest in the world and will provide a tangible contribution to sustainable development,” he added.

“We continue to focus on community engagement initiatives across many areas, including education, health care, and youth empowerment, and strive to enhance our positive impact across our societies.”

“We also maintained the level of our projects under implementation that we achieved in the previous quarter, which highlights our successful efforts in pursuing high-quality projects across the sectors in which we compete and strengthens our previous indicators,” he said.

He added that new contracts increased by 22.1% to reach $3.6bn in addition to the combined value of the projects under implementation to reach $6.1bn at the end of last December.

The new projects signed this year encompass important sectors such as transportation, water, health care, energy in Egypt. They also include data centres in the US.

source: dailynewsegypt

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