Cairo – Mubasher: Orascom Construction posted a 21.6% year-on-year rise in its consolidated net profits during the first quarter of 2017, according to a statement.
Net profits reached $31.5 million in Q1-17, compared to $25.9 million in Q1-16.
In its unaudited financial statements, the company posted profits of $1.1 million in Q1-17, against losses of $19.5 million in Q1-16.
Consolidated revenues grew 9.5% to $1.06 billion in Q1-17 from $972.9 million in Q1-16.
Net income attributable to shareholders reached $28 million by the end of March 2017, up 21.7% year-on-year.
Net cash reached $186.8 million by the end of March 2017, compared to $87 million in the prior-year period.
Total backlog projects reached $6.84 billion after adding a 51% stake from contractor Besix, while new contracts amounted to $838.4 million.
