The Clap
Orascom Construction (ORAS) reported a 24% drop in profits during the first 9 months of 2022, recording $57.8 million compared to $76.1 million YoY, after deducting minority rights.
What
The company’s revenues saw a 20.1% increase to $3 billion during the first 9 months of 2022.
The company’s operations in the Middle East and Africa were the source of 69% of the revenue, while the rest came from the company’s operations in the US.
So What
Orascom Construction was impacted by the performance of its subsidiary, BESIX, which recorded losses of $6.7 million, in addition to the company’s high financing costs for its business.
What Now
During the first 9 months of 2022, the value of projects under implementation for the company reached $8.4 billion.
To read the full earnings release, click here.
