Saudi Press

Saudi Arabia and the world
Sunday, Jun 01, 2025

Egyptian firm Orascom Construction’s Q4 profit surges over 50% to $56m

Egyptian firm Orascom Construction’s Q4 profit surges over 50% to $56m

Egypt’s Orascom Construction Co. saw a 50.4 percent year-on-year net profit increase in the fourth quarter of 2022, with a rise in construction operations helping the firm hit $55.8 million
Across the whole of 2022, the Cairo-based firm its total profits rise 0.1 percent to $113.5 million, compared to $113.4 million in the same period of 2021.

Orascom's total revenues increased by 17.9 percent to reach $4.17 billion, compared to $3.53 billion in 2021, with the increase attributed to all operating segments and its joint venture BESIX-Orascom Construction.

It also announced $5.3 billion worth of projects in progress compared to $6.08 billion in 2021, a decline of 13.4 percent, and a pro forma backlog of $8.1 billion, including its 50 percent stake in BESIX.

“Starting with our priority on health and safety, we recorded accomplishments at our projects in Egypt, Saudi Arabia, and the US such as a substantial increase in man-hours without Lost Time Injury across the board,” Osama Bishai, CEO of Orascom Construction said in a statement.

He added that Orascom Construction took many steps to expand its investments in the renewable energy sector during the last quarter of 2022.

The company’s consolidated earnings before interest, taxes, depreciation, and amortization, or EBITDA, fell 13.8 percent year-on-year to $50.1 million in the fourth quarter of 2022, and 2.0 percent year-on-year to $200.3 million in 2022. Yet its EBITDA in the US increased 25.8 percent year-on-year in the fiscal year of 2022, showing a stronger contribution to the group’s performance.

The company also started the preliminary works for the construction of a new wind station with a capacity of 500 megawatts on a build-own-operate basis in Egypt, which will offer clean electricity to over 800,000 homes and cut CO2 emissions by one million tons per year.

Orascom also focused on the completion of the preliminary phase for the establishment of the first green hydrogen plant in Africa.
Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
OPEC+ Agrees to Increase Oil Output for Third Consecutive Month
Turkey Detains Istanbul Officials Amid Anti-Corruption Crackdown
Meta and Anduril Collaborate on AI-Driven Military Augmented Reality Systems
EU Central Bank Pushes to Replace US Dollar with Euro as World’s Main Currency
European and Arab Ministers Convene in Madrid to Address Gaza Conflict
U.S. Health Secretary Ends Select COVID-19 Vaccine Recommendations
Trump Warns Putin Is 'Playing with Fire' Amid Escalating Ukraine Conflict
India and Pakistan Engage Trump-Linked Lobbyists to Influence U.S. Policy
U.S. Halts New Student Visa Interviews Amid Enhanced Security Measures
Trump Administration Cancels $100 Million in Federal Contracts with Harvard
SpaceX Starship Test Flight Ends in Failure, Mars Mission Timeline Uncertain
King Charles Affirms Canadian Sovereignty Amid U.S. Statehood Pressure
Iranian Revolutionary Guard Founder Warns Against Trusting Regime in Nuclear Talks
UAE Offers Free ChatGPT Plus Subscriptions to Citizens
Lebanon Initiates Plan to Disarm Palestinian Factions
Iran and U.S. Make Limited Progress in Nuclear Talks
The Daily Debate: The Fall of the Dollar — Strategic Reset or Economic Self-Destruction?
Trump Administration's Tariff Policies and Dollar Strategy Spark Global Economic Debate
OpenAI Acquires Jony Ive’s Startup for $6.5 Billion to Build a Revolutionary “Third Core Device”
Turkey Weighs Citizens in Public as Erdoğan Launches National Slimming Campaign
Saudi-Spanish Business Forum Commences in Riyadh
Saudi Arabia and Spain Sign MoU to Boost SME Sectors
UK Suspends Trade Talks with Israel Amid Gaza Offensive
Iran and U.S. Set for Fifth Round of Nuclear Talks Amid Rising Tensions
Russia Expands Military Presence Near Finland Amid Rising Tensions
Indian Scholar Arrested in Crackdown Over Pakistan Conflict Commentary
Israel Eases Gaza Blockade Amid Internal Dispute Over Military Strategy
President Biden’s announcement of advanced prostate cancer sparked public sympathy—but behind closed doors, Democrats are in panic
A Chinese company made solar tiles that look way nicer than regular panels!
Indian jet shootdown: the all-robot legion behind China’s PL-15E missiles
The Chinese Dragon: The True Winner in the India-Pakistan Clash
Australia's Venomous Creatures Contribute to Life-Saving Antivenom Programme
The Spanish Were Right: Long Working Hours Harm Brain Function
Did Former FBI Director Call for Violence Against Trump? Instagram Post Sparks Uproar
US and UAE Partner to Develop Massive AI Data Center Complex
Apple's $95 Million Siri Settlement: Eligible Users Have Until July 2 to File Claims
US and UAE Reach Preliminary Agreement on Nvidia AI Chip Imports
President Trump and Elon Musk Welcomed by Emir of Qatar Sheikh Tamim with Cybertruck Convoy
Strong Warning Issued: Do Not Use General Chatbots for Medical, Legal, or Educational Guidance
Saudi Arabia Emerges as Global Tech Magnet with U.S. Backing and Trump’s Visit
This was President's departure from Saudi Arabia. The Crown Prince personally escorted him back to the airport.
NVIDIA and Saudi Arabia Launch Strategic Partnership to Establish AI Centers
Trump Meets Syrian President Ahmad al-Shara in Historic Encounter
Trump takes a blow torch to the neocons and interventionists while speaking to the Saudis
US and Saudi Arabia Sign Landmark Agreements Across Multiple Sectors
Why Saudi Arabia Rolled Out a Purple Carpet for Donald Trump Instead of Red
Elon Musk Joins Trump Meeting in Saudi Arabia
Trump says it would be 'stupid' not to accept gift of Qatari plane
Quantum Computing Threatens Bitcoin Security
Michael Jordan to Serve as Analyst for NBA Games
×