{"id":92259,"date":"2024-05-22T00:00:00","date_gmt":"2024-05-22T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/yalla-group-orascom-construction-see-bottomline-growth-in-1q-2024\/"},"modified":"2024-05-22T00:00:00","modified_gmt":"2024-05-22T00:00:00","slug":"yalla-group-orascom-construction-see-bottomline-growth-in-1q-2024","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/05\/22\/yalla-group-orascom-construction-see-bottomline-growth-in-1q-2024\/","title":{"rendered":"Yalla Group, Orascom Construction see bottomline growth in 1Q 2024"},"content":{"rendered":"<p class=\"tag-border-left\">ORASCOM CONSTRUCTION- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Orascom Construction saw its net income rise 27.7% y-o-y in 1Q 2024<\/strong> to USD 46.1 mn, backed by strong operational performance and the company\u2019s efforts to improve financial management, according to the company\u2019s latest <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/5\/1648.pdf\" style=\"\" rel=\"noopener\">earnings release (pdf)<\/a>. The construction giant recorded revenues of USD 766.3 mn \u2014 a 4.8% y-o-y decrease \u2014 which the company attributed to the float of the EGP in Egypt, where it is based.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Backlog nears record high: <\/strong>The company\u2019s 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.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Looking ahead: <\/strong>\u201cOur 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,\u201d said CEO Osama Bishai. <\/p>\n<p class=\"tag-border-left\">YALLA GROUP- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Yalla Group posted USD 31.1 mn in net income in 1Q 2024<\/strong>, up 56.2% y-o-y, the NYSE-listed social networking and gaming company said in an <a target=\"_blank\" href=\"https:\/\/ir.yalla.com\/2024-05-20-Yalla-Group-Limited-Announces-Unaudited-First-Quarter-2024-Financial-Results\" style=\"\" rel=\"noopener\">earnings release<\/a>. 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. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Looking ahead: <\/strong>\u201cWe are actively communicating with potential premium partners and recently joined the UK Interactive Entertainment Association,\u201d Yalla CEO Yang Tao said. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Orascom Construction\u2019s backlog neared a record high<\/p>\n","protected":false},"author":1,"featured_media":92260,"comment_status":"","ping_status":"open","sticky":false,"template":"","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":[1596],"tags":[237,7,238,1094,236],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-92259","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-watch","tag-earnings-watch","tag-enterpriseam-uae","tag-gaming","tag-orascom-construction","tag-yalla-group","wpautop","entry"],"acf":{"mongo_id":"9ea97489-affe-44e6-8320-36426f3fca9f","order":"10","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/1\/887.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Yalla Group, Orascom Construction see bottomline growth in 1Q 2024","related_issue":[92242],"teaser":"Orascom Construction\u2019s backlog neared a record high","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/5\/.e8bcd385-6d79-4250-a4cd-7c4687d1b984.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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