Egypt's Orascom Construction posted a 13 per cent annual decline in net profit during the second quarter of 2022, citing “challenging” global conditions as countries struggle with higher inflation and supply chain issues.
Net profit attributable to shareholders for the three months to the end of June declined to $20.8 million, from $23.8m in the same period last year, the company said on Wednesday.
However, net income during the period increased by about 59 per cent from the first three months of this year.
Second-quarter revenue also rose 8 per cent annually to $934.9m as the company secured new contracts in projects across the transport, water and commercial sectors.
The company's Middle East and Africa business accounted for 68 per cent of total revenue while its US operations contributed the remainder.
Consolidated earnings before interest, taxes, depreciation and amortisation for the three-month period decreased by about 14 per cent annually to $42.6m.
“Our Q2 2022 results reflect the group’s resilience against a challenging global environment,” said chief executive Osama Bishai.
“We remain focused on several important pillars such as project execution, controls, supply chain and collections.”
The company also remains focused on its business development efforts across strategic sectors such as infrastructure and data centres, he said.
Orascom Construction, which has building material, equipment services, infrastructure asset and operations and maintenance subsidiaries, signed new contracts worth $1.76 billion in the second quarter, an increase of 55 per cent from the same period last year.
This pushed its consolidated backlog for the first six months of the year to $6.5bn, up 10 per cent from the first half of 2021.
The second-quarter project awards were mainly driven by an improvement in the Egyptian market, where Orascom Construction signed new contracts worth $1.6bn in the first half, of which contracts valued at $1.2bn were added in the second quarter.
In May, Orascom Construction and its consortium partners Siemens Mobility and The Arab Contractors signed an agreement with the National Authority for Tunnels to expand Egypt's new high-speed rail network to 2,000 kilometres.
The company's subsidiary, SIDC, also signed an agreement in May with Al Ahly Capital Holding, the investment arm of the National Bank of Egypt, to develop a 220-hectare industrial park in Abu Rawash in Egypt.
In the US, Orascom Construction signed new contracts valued at $817m in the first half of 2022, of which deals worth $526m were added in the second quarter.
New project awards included sizeable projects in the data centre sector, where the group continues to expand, it said.
Since 2017, the group completed six data centres in the US and is currently building three more.
The stand-alone consolidated project backlog of Belgian contractor Besix, in which Orascom Construction controls a 50 per cent stake, stood at €4.9bn ($4.9bn) as of June 30, up more than 15 per cent annually.
New awards stood at about €760m in the second quarter, bringing the total for the first half of the year to €1.5bn.
“We also continue [to] evaluate new investment opportunities in infrastructure assets that provide construction opportunities and long-term recurring income,” the contractor said.
The specs
BMW M8 Competition Coupe
Engine 4.4-litre twin-turbo V8
Power 625hp at 6,000rpm
Torque 750Nm from 1,800-5,800rpm
Gearbox Eight-speed paddleshift auto
Acceleration 0-100kph in 3.2 sec
Top speed 305kph
Fuel economy, combined 10.6L / 100km
Price from Dh700,000 (estimate)
On sale Jan/Feb 2020
Company%20Profile
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WOMAN AND CHILD
Director: Saeed Roustaee
Starring: Parinaz Izadyar, Payman Maadi
Rating: 4/5
UAE currency: the story behind the money in your pockets
UAE%20SQUAD
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Star%20Wars%3A%20Episode%20I%20%E2%80%93%20The%20Phantom%20Menace
%3Cp%3E%3Cstrong%3EDeveloper%3A%3C%2Fstrong%3E%20Big%20Ape%20Productions%3Cbr%3E%3Cstrong%3EPublisher%3A%3C%2Fstrong%3E%20LucasArts%3Cbr%3E%3Cstrong%3EConsoles%3A%3C%2Fstrong%3E%20PC%2C%20PlayStation%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%202%2F5%3C%2Fp%3E%0A
MATCH INFO
FA Cup final
Chelsea 1
Hazard (22' pen)
Manchester United 0
Man of the match: Eden Hazard (Chelsea)
Infiniti QX80 specs
Engine: twin-turbocharged 3.5-liter V6
Power: 450hp
Torque: 700Nm
Price: From Dh450,000, Autograph model from Dh510,000
Available: Now
ENGLAND TEAM
Alastair Cook, Mark Stoneman, James Vince, Joe Root (captain), Dawid Malan, Jonny Bairstow, Moeen Ali, Chris Woakes, Craig Overton, Stuart Broad, James Anderson
Company%C2%A0profile
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UAE currency: the story behind the money in your pockets
The%20Boy%20and%20the%20Heron
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Who are the Soroptimists?
The first Soroptimists club was founded in Oakland, California in 1921. The name comes from the Latin word soror which means sister, combined with optima, meaning the best.
The organisation said its name is best interpreted as ‘the best for women’.
Since then the group has grown exponentially around the world and is officially affiliated with the United Nations. The organisation also counts Queen Mathilde of Belgium among its ranks.
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
The five types of long-term residential visas
Obed Suhail of ServiceMarket, an online home services marketplace, outlines the five types of long-term residential visas:
Investors:
A 10-year residency visa can be obtained by investors who invest Dh10 million, out of which 60 per cent should not be in real estate. It can be a public investment through a deposit or in a business. Those who invest Dh5 million or more in property are eligible for a five-year residency visa. The invested amount should be completely owned by the investors, not loaned, and retained for at least three years.
Entrepreneurs:
A five-year multiple entry visa is available to entrepreneurs with a previous project worth Dh0.5m or those with the approval of an accredited business incubator in the UAE.
Specialists
Expats with specialised talents, including doctors, specialists, scientists, inventors, and creative individuals working in the field of culture and art are eligible for a 10-year visa, given that they have a valid employment contract in one of these fields in the country.
Outstanding students:
A five-year visa will be granted to outstanding students who have a grade of 95 per cent or higher in a secondary school, or those who graduate with a GPA of 3.75 from a university.
Retirees:
Expats who are at least 55 years old can obtain a five-year retirement visa if they invest Dh2m in property, have savings of Dh1m or more, or have a monthly income of at least Dh20,000.
Naga
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Other key dates
-
Finals draw: December 2
-
Finals (including semi-finals and third-placed game): June 5–9, 2019
-
Euro 2020 play-off draw: November 22, 2019
-
Euro 2020 play-offs: March 26–31, 2020
WWE Super ShowDown results
Seth Rollins beat Baron Corbin to retain his WWE Universal title
Finn Balor defeated Andrade to stay WWE Intercontinental Championship
Shane McMahon defeated Roman Reigns
Lars Sullivan won by disqualification against Lucha House Party
Randy Orton beats Triple H
Braun Strowman beats Bobby Lashley
Kofi Kingston wins against Dolph Zigggler to retain the WWE World Heavyweight Championship
Mansoor Al Shehail won the 50-man Battle Royal
The Undertaker beat Goldberg
Sholto Byrnes on Myanmar politics
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