Thndr Claps » EGY Claps » Earnings 📈 » Orascom Construction’s profits drop 45% in Q1-2022
The ClapOrascom Construction (ORAS) reported net profits of $13.1 million in Q1-2022, a 45% YoY decrease compared to Q1-2021.
The deetsThe company attributed the decline to losses incurred by its subsidiary Besix, which incurred losses of $11 million.
The company’s revenues increased by 20% YoY, reaching $979.7 million in Q1-2022.
In related newsOrascom’s Board of Directors proposed distributing cash dividends to shareholders amounting to $0.2313/share in Q3-2022.
For Orascom construction’s full earnings release, click here.
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