Cairo-Mubasher: Orascom Construction Ltd (OC), listed on Egypt's bourse and NASDAQ Dubai, reported a 296.6% rise in its first-quarter consolidated profits, according to a press release.
Net profits stood at $23 million (EGP 204.7 million) in Q1-16, compared to $5.8 million (EGP 51.6 million) in Q1-15.
Combined value of projects under construction rose 8.8% to $6.1 billion in Q1-16, backed by the $510.4 contracts newly signed in Egypt, Algeria and US.
Consolidated revenues grew 13.4% to $972.9 million in Q1-16.
Profits before EBTIDA went up to $48.8 million in Q1-16, compared to $37.9 million in Q1-15.
