ORASCOM CONSTRUCTION-

Orascom Construction saw its net income rise 27.7% y-o-y in 1Q 2024 to USD 46.1 mn, backed by strong operational performance and the company’s efforts to improve financial management, according to the company’s latest earnings release (pdf). The construction giant recorded revenues of USD 766.3 mn — a 4.8% y-o-y decrease — which the company attributed to the float of the EGP in Egypt, where it is based.

Backlog nears record high: The company’s consolidated backlog grew 33.1% y-o-y to USD 7.3 bn. New awards fell 29% y-o-y to USD 609.5 mn during the quarter.

Looking ahead: “Our backlog… has provided us with strong visibility for the upcoming period as we continue to focus on project execution, collections, financial management, and ramping up our large-scale contracts signed in 2H 2023,” said CEO Osama Bishai.

YALLA GROUP-

Yalla Group posted USD 31.1 mn in net income in 1Q 2024, up 56.2% y-o-y, the NYSE-listed social networking and gaming company said in an earnings release. Revenues rose 7.1% y-o-y to USD 78.7 mn, on the back of chatting services, which raked in USD 52.2 mn, as well as gaming services revenues which contributed USD 26.5 mn.

Looking ahead: “We are actively communicating with potential premium partners and recently joined the UK Interactive Entertainment Association,” Yalla CEO Yang Tao said.

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