Cairo – Mubasher: Orascom Construction Ltd has signed contracts at a total value of $2.2 billion during 2017.
Total value of the under-construction projects stood at $4.6 billion at the end of 2017, the company said in a filing to the Egyptian Exchange (EGX) on Thursday.
The value of newly signed contracts climbed to $644.4 million during the last quarter of 2017, the international engineering and construction contractor indicated.
After adding a 50% stake of Besix, the value of both under-construction projects and newly signed contracts reached $6.4 billion and $3.5 billion, respectively, according to the statement.
The dual-listed firm on the EGX and Nasdaq Dubai seeks new expansions in the Middle East and the US in the infrastructure, industrial, and commercial buildings sectors.
The company also reported a 60.6% year-on-year surge in consolidated profits for the full-year 2017, recording a net profit of $85.1 million from $53 million.
The board of Orascom Construction recommended a cash dividend distribution of 26 cents per share to shareholders for 2017.
The total dividends proposed for the year ended December 2017 amounted to $30 million.
