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, often called OC, is a big company from Cairo, Egypt. It specializes in engineering, getting materials, and building large projects. This company was the first from Egypt to work in many countries around the world. Today, OC is active in over 25 different countries.
Company History
Orascom Construction started in Egypt in 1976. It was founded by Onsi Sawiris. By 2007, the company owned and ran many cement factories. These factories were in places like Egypt, Algeria, Turkey, Pakistan, Iraq, North Korea, and Spain. Together, they could make millions of tons of cement each year.
OC was not the first company Sawiris started. He had another construction company in Egypt in 1950. However, that company was taken over by the government in 1961 under President Gamal Abdel Nasser.
In December 2007, Orascom Construction sold its cement business. This part of the company was called Orascom Building Materials Holding (OBMH). It was sold to a French company named Lafarge.
Later, in July 2011, Orascom Construction won a big project in Saudi Arabia worth $450 million. The company grew even more in September 2012. It expanded into the United States by building a fertilizer plant in Iowa. 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 became the main company that owned Orascom Construction.
By March 2015, you could buy shares of Orascom Construction on the stock markets. These shares were traded in the Dubai Financial Market and Cairo's Egyptian Exchange.
More recently, in July 2018, Orascom Construction worked with Engie to build Egypt's largest wind farm. Then, in May 2019, a group of companies including Bombardier Inc., Orascom Construction, and Arab Contractors won a contract. They were chosen to build two new monorail lines in Cairo.
Important Agreements
In 2013, the Orascom Group agreed to pay money to the Egyptian government. This was to settle some financial matters related to the sale of its cement business to Lafarge in 2007.
See also
In Spanish: Orascom Construction para niños
- Orascom Telecom Holding
