Built to inform

Sign up for the daily newsletters

No, Thank you

Besix boosts Orascom Q3 profits by 6%

The company’s increase in profits comes off the back of Besix’s success — in which it has a 50% share – as it managed to secure new awards by 24% this year.

Besix pushed Egyptian-based Orascom Construction’s Q3 profits to a 6.1% increase.
Besix pushed Egyptian-based Orascom Construction’s Q3 profits to a 6.1% increase.

Improved performance by contractor Besix has pushed Egyptian-based Orascom Construction’s third-quarter profits to a 6.1% increase, despite an overall decline in revenue.

Orascom reported a 16% decline in revenue to $962.1m during the three months and saw its operating profit margin decline by 1.2% to 4.2%, according to The National.

However, the company’s increase in profits comes off the back of Besix’s success— in which it has a 50% share – as it managed to secure new awards by 24% this year to €1.4bn ($1.5bn), raising profits to $10.5m from $1.5m a year ago.

The contractor also managed to increase its total backlog by 10% year-on-year to €3.3bn ($187m).

For the nine-month period, net profit was 17.3% higher at $75.4m, despite a 2% decline in revenue to $2.96bn.

Orascom’s total backlog, including its 50% share in Besix, fell by 2% and stands at just over $9.3bn.

Besix has just completed construction of Legoland Dubai at the Dubai Parks and Resorts site earlier this month.

 

Most popular

Awards

Construction industry conversations around digitisation must evolve
The Middle East construction industry’s approach to tech must evolve and focus on how can

Conferences

CW In Focus | Inside the Leaders in KSA Awards 2019 in Riyadh
Meet the winners in all 10 categories and learn more about Vision 2030 in this
CW In Focus | Leaders in Construction Summit UAE 2019
A roundup of Construction Week's annual summit that was held in Dubai this September

Latest Issue

Construction Week - Issue 753
Nov 09, 2019