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Orascom Development: Contract with the Red Sea to contract 900 million pounds



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Rana Mamdouh

The Orascom Development Egypt Ordinary General Assembly approved at its meeting held on April 24, the renewal of the Board of Directors in the conclusion of new contracts and constructions with the Red Sea Company for Contracting, Construction and Development, in the amount of 900 million pounds.

The contracts include the construction, construction and construction works of Orascom Development Egypt for the fiscal year ended December 31, 2019, the company said in a statement today.

This is in addition to the contribution of Orascom Development Holding AG, in accordance with the provisions of Article 39 of the rules of registration and closing securities on the Egyptian Stock Exchange, according to the statement.

The shareholders' meeting agreed to not distribute dividends to shareholders for the year ended December 31, 2018.

It should be noted that the company's financial statements presented a net loss of R $ 500.19 million in the period from January to December 2018, compared to a profit of R $ 391.9 million in 2017.

The company's revenue last year to 3.35 billion pounds, compared with revenue of 2.6 billion pounds in 2017.

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