Cairo-based Orascom Construction posted a 28% year-on-year (YoY) rise in Q1 2024 net income attributable to shareholders to $46.1 million on the back of recent expansion in the UAE as well as growth in the US market.

Revenue for the period stood at $766.3 billion, down 5% YoY impacted by the devaluation of the Egyptian pound, the Nasdaq Dubai-listed company said.

BESIX, in which Orascom holds a 50% stake, reported net income contribution of $0.5 million in Q1 2024 compared to negative $0.1 million in Q1 2023.

Consolidated backlog was $7.3 billion and pro forma backlog including 50% share in BESIX was $9.9 billion as of 31 March 2024.

The strong backlog "has provided us with strong visibility for the upcoming period as we continue to focus on project execution, collections, financial management, and ramping up our large-scale contracts signed in H2 2023", CEO Osama Bishai said.

He said the majority of projects in Egypt are funded by international financial institutions. "This is complemented by our recent expansion in the UAE as well as the continued backlog and earnings growth in the US led by specialized sectors including data centers and aviation."

(Writing by Brinda Darasha; editing by Daniel Luiz)