Orascom Construction [ORAS]
Egypt / Industrials / Q1 2021 Results
Fair Value EGP126
set on 12 Apr 2021
Investment Rating: Overweight | Risk Rating: Medium
Weak U.S. performance drags revenues: Orascom Construction’s [ORAS] Q1 2021 revenues edged down 1.3% y/y to USD816.6mn (1.6% below our estimates of USD830mn, achieving c.25% of our estimated full-year revenues of USD3.32bn). Despite the improved performance in the MENA region, where revenues increased by 4.9% y/y to USD580mn, U.S. revenues decreased by 13.9% y/y to USD236.6mn. Consolidated net income after minorities decreased by 4.4% y/y to USD23.9mn (23% below our estimates of USD31mn, achieving 21% of our estimated full-year net income of USD113mn). Backlog (ex-50% of BESIX), inched up 0.1% y/y to USD5.4bn in Q1 2021, as new awards rose 11% y/y to USD666.4mn.
دينا عبد البديع
محلل مالي
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