Orascom CEO blames profit drop on pound, pandemic and problem projects

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Fri, 2021-03-26 10:32

RIYADH: Problem projects, a stronger Egyptian pound and the pandemic all contributed to a decline in Orascom Construction profits, Asharq Business reported.

The Egyptian builder earlier reported a 25 percent drop in net profit to $90.9 million last year, the newspaper said, citing CEO Osama Beshai.

An investment in Belgian’s Besix construction company, now half-owned by Orascom, encountered challenging trading conditions last year with some projects missing profitability targets, he said.

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