Orascom Construction facts for kids
 |
|
|
Formerly
|
Orascom Onsi Sawiris & Co. |
|---|---|
| Public | |
| Traded as | EGX: ORAS |
| Industry | Construction, engineering |
| Founded | 1976 |
| Headquarters | Cairo, Egypt |
|
Key people
|
Jérôme Guiraud, Chairman Osama Bishai, CEO |
| Revenue |  US$4,177.3 million (2022) |
|
Operating income
|
 US$154.7 million (2022) |
| US$134.3 million (2022) |
|
| Total assets | US$3,531.4 million (2022) |
| Total equity | US$691.3 million (2022) |
Orascom Construction PLC, also known as OC, is a major company based in Cairo, Egypt. It specializes in engineering, buying materials, and building large projects. This means they plan, get the supplies, and then construct big things like buildings and power plants.
OC was the first Egyptian company to work in many different countries. It is a very important part of the Orascom Group of companies. Today, Orascom Construction works in more than 25 countries around the world.
History of Orascom Construction
Orascom Construction was started in Egypt in 1976. It was founded by Onsi Sawiris. Before this, Mr. Sawiris had another construction company. That company was started in 1950 but was later taken over by the government in 1961.
In 2007, Orascom Construction owned and ran many cement factories. These factories were in places like Egypt, Algeria, Turkey, and Spain. They could make millions of tons of cement every year. Later in 2007, OC sold its cement business to a French company called Lafarge.
In 2011, Orascom Construction won a big project in Saudi Arabia. This project was worth $450 million.
The company grew even more in 2012. It expanded into the United States. There, it built a special plant in Iowa to make fertilizer. It also bought another company called The Weitz Company. In 2013, a company called Cascade Investment put $1 billion into Orascom Construction. After this, a new company, OCI NV, was created in the Netherlands. OCI NV then became the main company that owned Orascom Construction.
In March 2015, you could start buying and selling shares of Orascom Construction. This happened on the stock markets in Dubai and Cairo.
Orascom Construction has also worked on important energy projects. In 2018, it teamed up with Engie to build Egypt's largest wind farm. A wind farm uses wind to create electricity. In 2019, Orascom Construction, along with Bombardier Inc. and Arab Contractors, won a contract. They will build two monorail lines in Cairo. Monorails are trains that run on a single track.
Important Tax Matters
In 2013, the Orascom Group had to pay a large amount of money to the Egyptian tax authorities. This payment was related to the sale of its cement business in 2007. The company agreed to pay up to $1 billion to settle the tax issue.
See also
In Spanish: Orascom Construction para niños
- Orascom Telecom Holding
