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.
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.