Led by Egypt’s richest family, Orascom Construction smashes expectations with $134 million in profit in 2022

Orascom Construction, a Cairo-based construction firm led by Egypt’s wealthiest family, demonstrated impressive financial resilience in its 2022 fiscal year, with profits soaring above $134 million during the period under review.

Orascom Construction is a multinational engineering and construction firm, widely recognized as a global leader in its industry, with a strong presence and investments across the Middle East, Africa, and the United States.

Established in 1950 by the late Egyptian businessman Onsi Sawiris, the company is majority-owned by the Sawiris family, who hold a 51.8-percent stake through their private investment firm OS Private Trust Company. Nassef Sawiris, one of Onsi’s sons and Egypt’s wealthiest man, owns 28.97 percent of the company, solidifying the family’s significant influence over the organization.

According to the recently published financial results, Orascom Construction’s profit witnessed a notable increase of 7.2 percent at the end of the 2022 fiscal year, soaring from $125.3 million in 2021 to $134.3 million, owing to a substantial rise in the group’s revenue.

The group’s revenue witnessed a remarkable surge of 46.6 percent during the period under review, climbing from $3.54 billion to $4.18 billion. This impressive growth was fueled by exceptional performances across its broad subsidiaries, all of which achieved record results this year.

Its robust financial performance, which has resulted in the expansion of its operations into the renewable energy sector, prompted the board to distribute an interim dividend of $0.1850 per share to its shareholders in February 2023. This marks the group’s sixth consecutive year of dividend distributions, highlighting its commitment to delivering value to its shareholders.

The group’s resilient financial performance had a significant impact on its retained earnings, which climbed from $346.9 million to $432.2 million.

However, its total assets and consolidated project backlog, which also includes the group’s 50-percent stake in BESIX, decreased to $3.53 billion and $8.08 billion, respectively.