{"id":593289,"date":"2019-11-24T04:12:24","date_gmt":"2019-11-24T04:12:24","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/11\/24\/earnings-watch-orascom-construction-profits-rise-10-7-y-o-y-in-3q2019\/"},"modified":"2019-11-24T04:12:24","modified_gmt":"2019-11-24T04:12:24","slug":"earnings-watch-orascom-construction-profits-rise-10-7-y-o-y-in-3q2019","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/11\/24\/earnings-watch-orascom-construction-profits-rise-10-7-y-o-y-in-3q2019\/","title":{"rendered":"Earnings watch: Orascom Construction profits rise 10.7% y-o-y in 3Q2019"},"content":{"rendered":"

EARNINGS WATCH- Orascom Construction profits rose 10.7% y-o-y in 3Q2019 to <\/strong>USD 32.2 mn<\/strong>, compared to USD 29.1 mn a year earlier, the company said in its earnings release (pdf)<\/a>. On a nine-month basis, however, net income \u201cwas negatively impacted by higher net financing costs in Egypt\u201d in 1H2019, dropping 16% to USD 93.7 mn. The company managed to reduce its net financing costs at the end of 2Q and throughout 3Q2019, according to the release. Revenues increased 8.3% y-o-y to USD 789.6 mn in 3Q2019, while consolidated EBITDA in 9M2019 rose 16.9% y-o-y.<\/p>\n

OC\u2019s consolidated backlog excluding Besix increased 25.2% y-o-y to USD 5.3 bn as of 30 September 2019.<\/strong> Consolidated new awards soared 158% to USD 1.3 bn in 3Q2019. Including the group\u2019s 50% share in Besix, pro forma backlog as of 30 September 2019 rose 26.2% y-o-y to USD 7.7 bn. Pro forma new awards rose 116.8% y-o-y to USD 1.6 bn during 3Q2019. \u201cThese new contracts are comprised of quality, well-funded projects across several exciting sectors including transportation, water and data centers in Egypt and the United States as we also pursue further opportunities in new and existing markets,\u201d said CEO Osama Bishai.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 16% to USD 93.7 mn. […]<\/p>\n","protected":false},"author":1,"featured_media":0,"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":[8572],"tags":[302,72,363,3246,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-593289","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-earnings","tag-enterpriseam","tag-orascom-construction","tag-osama-bishai","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"2edf57d6-e0bd-4295-8be0-6a104ecc4de3","is_powered_by":true,"section_story_id":"d193d234-2c07-4215-ba6d-d00875028604","story_type":"1","photo_url":"","photo_position":"above","related_issue":[593268],"teaser":"","voice_url":""},"yoast_head":"\nEarnings watch: Orascom Construction profits rise 10.7% y-o-y in 3Q2019 - 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\/2019\/11\/24\/earnings-watch-orascom-construction-profits-rise-10-7-y-o-y-in-3q2019\/\" \/>\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 profits rise 10.7% y-o-y in 3Q2019\" \/>\n<meta property=\"og:description\" content=\"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). 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