Egypt based Orascom Construction Industries S.A.E has consolidated a net profit of US$ 98.3 during its first quarter in 2015.
According the construction firm, in an official statement released over last week the company announced total revenues amounting to EGP 1.6bn during the same quarter of the preceding year.
The construction firm added that in 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 amounted to EGP 1.4bn, while in 2014 it surged to EGP 4.6bn in profits.
Though the company stressed that its ownership is not tied to the Netherlands’ Orascom Construction Industries (OCI NV) or the Emirati Orascom Construction Limited.
Egypt based Orascom Construction (OC) is a leading global engineering and construction contractor primarily focused on infrastructure, industrial and high-end commercial projects in the Middle East, North Africa, the United States, and the Pacific Rim for public and private clients. Orascom Construction also develops and invests in infrastructure opportunities.
Currently the company has ongoing construction projects across Africa. In the quest to boost its image and expand footprint the firm has officially applied to be listed at the Egyptian stock market.
