Orascom Construction reports profit fall despite higher revenue

Orascom Construction reports profit fall despite higher revenue

Egypt-based Orascom Construction reported a 25 per cent drop in its full-year net profit as its cost of sales and expenses rose, despite an increase in revenue.

Net profit attributable to owners of the company for the period ending December 31, 2020, declined to $90.9 million, the company said in a statement to Nasdaq Dubai, where its shares trade. Its cost of sales rose 8 per cent to $3 billion, while selling, general and administrative expenses jumped 15 per cent to $186.4m. Revenue increased 6 per cent to $3.37bn.

“Revenue increased ... as our projects operated on a full-fledged basis despite additional challenges on