Earnings for 2024 are continuing to roll in, with Juhayna and Orascom Construction releasing their latest financials yesterday.

ORASCOM CONSTRUCTION’S NET INCOME INCHES UP IN 2024-

Orascom Construction saw its net income inch up 0.4% y-o-y in 2024, coming in at USD 117.3 mn, according to its latest earnings release (pdf). Despite a 21% y-o-y increase in net income from its US operations and a 101.8% increase in net income from its Belgium-based subsidiary BESIX, a 25.7% y-o-y dip in net income from its operations in the Middle East and Africa — its largest source of income — helped bring the overall figure down.

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Revenues for the year fell 3.3% y-o-y to USD 3.3 bn, which was driven by an 11% y-o-y fall in revenues from the MEA region. Revenues from US operations were up 5.5% y-o-y. “Revenue comparison y-o-y in Egypt was impacted by the devaluation of the EGP in March 2024, while the increase in revenue in the US reflects project execution and backlog growth,” the release read.

The company’s consolidated backlog dipped 5.8% y-o-y in 2024 to USD 7.6 bn. The dip came on the back of 2023’s figures being put together using the exchange rate at the end of 2023. Using today’s rate of around EGP 50 to the greenback, the backlog would’ve registered a 2.6% y-o-y increase. Projects in Egypt made up 67.3% of the backlog, followed by the US with 21.1% and the UAE with 7.4%. New awards were down 48% y-o-y to USD 3 bn, which the group attributed to the “above-average level” of projects it was awarded in 2023.

On a quarterly basis, net income fell 29.2% y-o-y to USD 31 mn in 4Q 2024, impacted by one-off expenses of USD 20 mn related to the MEA region, while revenues declined 6.7% y-o-y to USD 935 mn. New awards dropped 78.3% y-o-y to USD 412 mn during the quarter.

What they said: “We continue to successfully navigate a challenging and uncertain environment. Our strong fundamentals, focus on performance excellence, strict project controls, and disciplined project selection have allowed us to achieve our current results and positioned us well for the period ahead,” CEO Osama Bishai said.

JUHAYNA’S INCOME MORE THAN DOUBLES IN 2024-

Dairy giant Juhayna saw its net income increase 168% y-o-y to EGP 2.7 bn in 2024, driven by “the exceptional growth of its core segments and exports,” according to its earnings release (pdf).

Revenues were up 56% y-o-y at EGP 24.3 bn during the 12-month period “bolstered by notable volume growth in the juice and fermented segments” and exports. Juhayna partly attributed the rise in revenues to consumers shifting toward lower-priced products amid the economic volatility at the start of the year, which it said it was well positioned to cater to. With an improving economic landscape, “Juhayna capitalized on its brand equity to introduce innovative new products” throughout the year.

On a quarterly basis, net income increased 109% y-o-y to EGP 298 mn in 4Q 2024, and revenues rose 37% y-o-y to EGP 6 bn. The dairy company pointed to “stable economic conditions, supported by the strategic export of finished products” as factors driving growth.

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