Earnings Report /
Egypt

Orascom Construction: 3Q21| Weaker MENA margins hit earnings; Backlog addition is the bright spot

  • Weaker MENA margins hit earnings, Subsidiaries slightly counterbalanced

  • Revenues lower than expected, MEA margins drop but US margins rise,Backlog grows steadily on sustainable awards momentum

  • Reiterate Overweight; Egypt & US awards underpin performance

Zeyad Ahmed
Al Ahly Pharos Securities Brokerage
17 November 2021