Arab Finance: Orascom Construction Plc (ORAS) posted an 84.74% year-on-year (YoY) decline in consolidated profit during the first half (H1) of 2024, according to the statement filed to the Egyptian Exchange (EGX) on August 28th.

The company’s consolidated profit attributable to the parent company decreased to $7.8 million in H1 2024 from $51.1 million in H1 2023.

Consolidated revenue declined to $1.47 billion in the six-month period ended June 30th from $1.56 billion in the year-ago period.

The firm incurred a standalone net loss after tax of $14.13 million in the January-June period, versus net profits of $73.69 million in the same period the year before.

Orascom Construction Plc is a leading engineering and construction contractor based in the UAE, with a main focus on infrastructure, industrial, and high-end commercial projects in the Middle East, Africa, and the US.

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