Oras­com Con­struc­tion posts $24.5m net in­come

Kuwait Times - - BUSINESS -

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

KUWAIT: Coun­try Man­agers of Sri Lankan Air­lines and Jet Air­ways, Amitabh An­thony Pil­lai and Bipin Balakr­ish­nan, ac­com­pa­nied by P N J Ku­mar, CEO of Cae­sars Travel Group, cut­ting the cake in­side the new of­fice of Khai­tan, in­au­gu­rat­ing the 18th out­let of Cae­sars Travel.

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