Orascom Construction posts $24.5m net income

CAIRO: Orascom Construction Ltd , listed in both Cairo and Dubai, posted third-quarter net income of $24.5 million, the engineering and building business said yesterday. The company reported revenue of $1.145 billion. The building company was spun off from OCI NV in March and thus has no previous figures to compare to.

It listed on NASDAQ Dubai and re-listed on Egypt’s bourse, having been a blue-chip stock on the exchange but forced to de-list due to taxes and new regulations introduced by the administration of former President Mohamed Morsi.

Orascom Construction will distribute a total cash dividend of $0.36 per share in 2016, implying a yield of 5.1 percent based on the NASDAQ Dubai closing price of $7.0 per share on Nov. 22, the company said. The first payment of $0.18 per share will be made in the first quarter of 2016 and the second a year from now in the third quarter. From then on, the company said it intends to distribute dividends on a bi-annual basis. —Reuters

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