The Clap Orascom Construction (ORAS) reported a decline of 29% YoY in profits during H1 2022, recording $33.9 million, while revenues increased 13.6% YoY to record $1.91 billion.
The Deets The company stated that its operations in the MENA region shaped 72% of its revenues in H1 2022, while its operations in the US contributed to the rest.
The company also said that it signed new contracts in the MENA region worth $1.6 billion, $1.2 billion of which were in Q1 2022, including commercial projects in the transport, water, and real estate sectors.
It was also announced that the value of the projects under construction reached $9 billion.
Why this Matters According to analysts, the increase in expenses, foreign exchange fluctuations, and the increase in debt are among the factors that led to lower profits.