Orascom Construction seals $1.3bln contracts in Q3

Projects in Egypt accounted for 75% of total new awards

  
An Orascom construction worker poses at Egypt's new administrative capital, approximately 45 km (30 miles) north of the current capital Cairo, Egypt October 18, 2017. Picture taken October 18, 2017.

An Orascom construction worker poses at Egypt's new administrative capital, approximately 45 km (30 miles) north of the current capital Cairo, Egypt October 18, 2017. Picture taken October 18, 2017.

REUTERS/Amr Abdallah Dalsh

Cairo – Orascom Construction Plc has signed new contracts worth $1.3 billion during the third quarter of 2019, rising by 150% year-on-year and 39% quarter-on-quarter.

During the first nine months of 2019, total new awards stood at $2.7 billion, registering a 79% growth from $1.5 billion in the year-ago period, the company said in a statement to the Egyptian Exchange (EGX) on Monday.

Projects in Egypt accounted for 75% of total new awards in Q3-19 as the company continued to strengthen its leading position in the transportation sector.

A consortium including Orascom Construction will design, establish, and operate and maintain two monorail lines in Egypt.

Moreover, an Orascom Construction joint venture will implement all track works stretching for 160 kilometres for the new electric light rail transit project in the most populous Arab nation.

Meanwhile, projects in the US represented 25% of total new awards in the three-month period ended 30 September with new projects that include additional work in the data centre sector.

The company's estimated consolidated backlog reached $5.1 billion as of the end of last September, compared to $4.2 billion as of 30 September 2018 and $ 4.6 billion as of 30 June 2019.

It is noteworthy that during the first half of 2019, Orascom Construction Plc, listed on the EGX and Nasdaq Dubai, posted a net profit of $67.2 million, compared to $87 million in H1-18.

Source: Mubasher

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