Orascom Construction, a leading global engineering and construction contractor in the region, said its net income attributable to shareholders increased 113.5 per cent in the second quarter of 2018 to $50.6 million compared to $23.7 million for the same period last year.

Announcing the results for the first six months of the year, the Egyptian group said its consolidated profit surged to $87 million from $58.8 million a year ago.

However, the revenue plunged to $750.1 million in the second quarter from $947.2 million last year, while the consolidated revenue fell to $1.5 billion for the first six months compared to $2.02 billion last year.

Orsacom Construction pointed out that of the revenue, 64 per cent of total share came from the Middle East and North Africa (Mena) region, while the US operations accounted for the balance during both periods.

The decline in revenue compared to last year is mainly attributable to the completion of the two large chemical plants in the US. Consolidated ebitda during Q2 2018 and H1 2018 were in-line with the same periods last year, while ebitda margin improved to 6.9 per cent and 7.5 per cent in Q2 2018 and H1 2018, respectively, said the company statement.

The Mena business reported healthy performance during the year, generating ebitda margins of 12.2 per cent and 12.1 per cent in Q2 2018 and H1 2018, respectively, it added.

The Orascom Group’s net cash position was maintained at $79 million as of 30 June 2018 compared to $173.5 million as of December 31, 2017.

Meanwhile the total equity increased 8.2 per cent to $435.6 million compared to the level last year.

On the perfomance, Orsacom Construction CEO Osama Bishai said: "Our second quarter results demonstrate our steady progress throughout the year as we generated a healthy bottom line while achieving operational milestones and maintaining our backlog. We are also pleased to have paid out a dividend of $30 million to shareholders in July."

"In Egypt, we are diversified across all major construction segments and continue to be an integral player in the development of the country’s infrastructure and new cities. We also maintain our leadership in water-related projects and have been progressing in both execution and business development as we see several projects the pipeline," remarked Bishai.

"We recently completed a 150,000 cu m /day water desalination plant ahead of schedule and are executing a second facility of the same size. Work has also started on Abu Rawash Wastewater Treatment Plant," he added.-TradeArabia News Service