{"id":546579,"date":"2022-05-22T03:45:31","date_gmt":"2022-05-22T03:45:31","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/22\/earnings-watch-orascom-construction-mnhd-gb-auto\/"},"modified":"2022-05-22T03:45:31","modified_gmt":"2022-05-22T03:45:31","slug":"earnings-watch-orascom-construction-mnhd-gb-auto","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/22\/earnings-watch-orascom-construction-mnhd-gb-auto\/","title":{"rendered":"Earnings watch: Orascom Construction, MNHD, GB Auto"},"content":{"rendered":"

Orascom Construction\u2019s (OC) net income slid 45% in 1Q 2022<\/strong> due to deepening losses at Besix<\/a>, according to its earnings release (pdf)<\/a>. The construction giant reported a USD 13.1 mn profit in the January-March quarter, down from USD 23.9 mn last year, as Belgium-based construction group\u2019s losses widened to USD 11.0 mn from USD 1.4 mn in 1Q 2021.<\/p>\n

Excluding Besix:<\/strong> Orascom reported a USD 24.1 mn profit for the quarter, down almost 5% y-o-y, reflecting a \u201cpositive contribution from all of our operating businesses,\u201d CEO Osama Bishai said. Revenues for the period grew 20% y-o-y to USD 979.7 mn.<\/p>\n

OC\u2019s consolidated backlog rose more than 2% to USD 5.5 bn<\/strong>, with new awards dropping 7% y-o-y to USD 617.5 mn. Egypt accounted for two-thirds of the company\u2019s backlog, followed by the US (25%) and Saudi Arabia (2%). Besix\u2019s standalone backlog rose almost 8% y-o-y to a record USD 5.0 bn, \u201can encouraging level that should provide a path to sustained profitability,\u201d said OC CEO Osama Bishai. Pro forma backlog including OC\u2019s share in Besix rose 2% y-o-y to record USD 8.3 bn.<\/p>\n

Orascom is proposing to pay out USD 27 mn dividends in 3Q 2022<\/strong>, equal to USD 0.2313 per share.<\/p>\n

What they said:<\/strong> \u201cThis backlog is in-line with the level achieved a year earlier despite the devaluation of the EGP. Such resilience is supported by our high-profile infrastructure projects in Egypt that are denominated in foreign currency alongside our projects in other markets in the Middle East, Africa, and the United States,\u201d Bishai said.<\/p>\n

\n

Madinet Nasr Housing and Development\u2019s (MNHD) consolidated net income rose <\/strong>4<\/strong>% y-o-y in 1Q 2022 to EGP 120.2 mn<\/strong>, according to the company\u2019s earnings release (pdf)<\/a>. The developer\u2019s revenues jumped 82% y-o-y to EGP 818.4 mn during the quarter.<\/p>\n

MNHD\u2019s gross contracted sales more than doubled to EGP 1.56 bn during the quarter <\/strong>with its mixed-use development Sarai accounting for more than half of the quarter\u2019s contracted sales value. The company sold a total of 553 residential units during the January-March period, up 86% y-o-y, with Sarai comprising 56% of units sold. Deliveries rose 81% y-o-y to 361 units, including 176 units in Taj City, 174 in Sarai, and 11 at its subsidized housing project Nasr Gardens.<\/p>\n

Looking ahead: The company is looking to double down on the commercial property market<\/strong> as a \u201cmajor plank\u201d of its strategy to \u201cgive less focus to sales of raw land parcels and \u2026 leverage its reach and knowhow in real estate development,\u201d CEO Abdallah Sallam said. MNHD is also looking into setting up a \u201cfull-fledged commercial leasing business<\/strong>\u201d and expand its work in co-developments<\/strong> of (and joint ventures in) non-residential projects.<\/p>\n

MNHD\u2019s earnings go deep on strategy and offer new detail <\/strong>on the company\u2019s operational and financial performance.<\/p>\n

\n

GB Auto\u2019s net income slid 23% y-o-y in 1Q 2022 to EGP 229.4 mn<\/strong>, the company said in its latest earnings release (pdf)<\/a>, blaming an EGP 211 mn foreign exchange loss following the EGP devaluation in March. Revenues rose 15% y-o-y during the quarter to EGP 7.8 bn.<\/p>\n

In detail: <\/strong>Revenues from the auto and auto-related segment grew 12% y-o-y in 1Q to EGP 6.1 bn. GB Capital reported revenues of nearly EGP 2.0 bn, up 15% y-o-y.<\/p>\n

Looking ahead: <\/strong>\u201cWhile the current state of the global business environment is uncertain<\/p>\n

and poses some operational challenges, we are confident that our strategies and business fundamentals will carry us forward through the challenging times,\u201d CEO Nader Ghabbour said. The company will continue monitoring the impact of macroeconomic developments including the EGP devaluation and global inflationary pressures on consumer purchasing power, he added.<\/p>\n","protected":false},"excerpt":{"rendered":"

Orascom Construction\u2019s (OC) net income slid 45% in 1Q 2022 due to deepening losses at Besix, according to its earnings release (pdf). The construction giant reported a USD 13.1 mn profit in the January-March quarter, down from USD 23.9 mn last year, as Belgium-based construction group\u2019s losses widened to USD 11.0 mn from USD 1.4 […]<\/p>\n","protected":false},"author":1,"featured_media":546580,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7208],"tags":[144,130,409,72,241,353,363,83],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-546579","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-watch","tag-automotive","tag-construction","tag-earnings-watch","tag-enterpriseam","tag-gb-auto","tag-madinet-masr-for-housing-and-development","tag-orascom-construction","tag-real-estate","wpautop","entry"],"acf":{"mongo_id":"148ce583-2219-400f-b8ad-5cf81f7c0dac","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/5\/281.jpg","photo_position":"above","related_issue":[546563],"teaser":"","voice_url":""},"yoast_head":"\nEarnings watch: Orascom Construction, MNHD, GB Auto - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/22\/earnings-watch-orascom-construction-mnhd-gb-auto\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Earnings watch: Orascom Construction, MNHD, GB Auto\" \/>\n<meta property=\"og:description\" content=\"Orascom Construction\u2019s (OC) net income slid 45% in 1Q 2022 due to deepening losses at Besix, according to its earnings release (pdf). The construction giant reported a USD 13.1 mn profit in the January-March quarter, down from USD 23.9 mn last year, as Belgium-based construction group\u2019s losses widened to USD 11.0 mn from USD 1.4 […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/22\/earnings-watch-orascom-construction-mnhd-gb-auto\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2022-05-22T03:45:31+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2022\/5\/281.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/22\/earnings-watch-orascom-construction-mnhd-gb-auto\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/22\/earnings-watch-orascom-construction-mnhd-gb-auto\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Earnings watch: Orascom Construction, MNHD, GB Auto\",\"datePublished\":\"2022-05-22T03:45:31+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/22\/earnings-watch-orascom-construction-mnhd-gb-auto\/\"},\"wordCount\":574,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/22\/earnings-watch-orascom-construction-mnhd-gb-auto\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2022\/5\/281.jpg?fit=%2C&ssl=1\",\"keywords\":[\"automotive\",\"construction\",\"earnings watch\",\"EnterpriseAM\",\"GB Auto\",\"Madinet Masr for Housing and Development\",\"Orascom Construction\",\"real estate\"],\"articleSection\":[\"EARNINGS WATCH\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/22\/earnings-watch-orascom-construction-mnhd-gb-auto\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/22\/earnings-watch-orascom-construction-mnhd-gb-auto\/\",\"name\":\"Earnings watch: Orascom Construction, MNHD, GB Auto - 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Net income in the period was up nearly 60% over 1Q 2022, the\u2026","rel":"","context":"In "EARNINGS WATCH"","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":598389,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/05\/23\/earnings-watch-orascom-construction-reports-1q2019-results\/","url_meta":{"origin":546579,"position":1},"title":"Earnings Watch: Orascom Construction reports 1Q2019 results","author":"enterpriseam admin","date":"23 May 2019","format":false,"excerpt":"EARNINGS WATCH- Orascom Construction\u2019s attributable profit dipped 5% y-o-y in 1Q2019 to USD 30.2 mn compared to USD 31.9 mn a year earlier, the company said in its earnings release (pdf). The bottom line was impacted by increased financing costs, the company said. Revenues decreased by about 7% during the\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":587916,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/04\/orascom-construction-revenues-slip-in-1q-2023\/","url_meta":{"origin":546579,"position":2},"title":"Orascom Construction revenues slip in 1Q 2023","author":"enterpriseam admin","date":"4 June 2023","format":false,"excerpt":"Backlog dips to USD 5.5 bn","rel":"","context":"In "EARNINGS WATCH"","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/6\/67.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":570355,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/29\/earnings-watch-orascom-construction-profits-dip-16-2-y-o-y\/","url_meta":{"origin":546579,"position":3},"title":"Earnings watch: Orascom Construction profits dip 16.2% y-o-y","author":"enterpriseam admin","date":"29 March 2020","format":false,"excerpt":"EARNINGS WATCH- Orascom Construction profits dipped 16.2% y-o-y in 2019 to USD 121.3 mn, compared to USD 144.7 mn the previous year, the company said in its earnings release (pdf). Revenues for the year increased 5.7% to USD 3.184 bn. The company attributed the drop in profits to higher net\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":576370,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/11\/22\/earnings-orascom-construction-profits-down-6-in-3q2020\/","url_meta":{"origin":546579,"position":4},"title":"Earnings: Orascom Construction profits down 6% in 3Q2020","author":"enterpriseam admin","date":"22 November 2020","format":false,"excerpt":"EARNINGS WATCH- Orascom Construction (OC) profits fell 6.2% y-o-y to USD 30.2 mn in 3Q2020 from USD 32.2 mn last year, the company said in its earnings release (pdf). Revenues for the quarter were up 4.4% y-o-y to USD 824.5 mn. CEO Osama Bishai said the results indicate \u201csteady performance\u201d\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":593289,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/11\/24\/earnings-watch-orascom-construction-profits-rise-10-7-y-o-y-in-3q2019\/","url_meta":{"origin":546579,"position":5},"title":"Earnings watch: Orascom Construction profits rise 10.7% y-o-y in 3Q2019","author":"enterpriseam admin","date":"24 November 2019","format":false,"excerpt":"EARNINGS WATCH- Orascom Construction profits rose 10.7% y-o-y in 3Q2019 to USD 32.2 mn, compared to USD 29.1 mn a year earlier, the company said in its earnings release (pdf). On a nine-month basis, however, net income \u201cwas negatively impacted by higher net financing costs in Egypt\u201d in 1H2019, dropping\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/546579","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=546579"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/546579\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/546563"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/546580"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=546579"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=546579"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=546579"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=546579"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=546579"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}