Egypt's Orascom Construction seals $3.5bln new awards in 2019

Projects in Egypt made up 70% of total new awards during Q4 2019

  
Construction workers are seen at a site on the outskirts of Cairo, Egypt, October 21, 2019.

Construction workers are seen at a site on the outskirts of Cairo, Egypt, October 21, 2019.

REUTERS/Shokry Hussien

Cairo –  Orascom Construction Plc sealed new contracts worth $770 million during the fourth quarter of 2019.

For the full-year 2019, total new awards amounted to $3.5 billion, registering a 50% year-on-year increase, the company said in a statement on Tuesday.

Projects in Egypt made up 70% of total new awards during Q4-19 across infrastructure, healthcare, logistics, roads, and other sectors.

Moreover, new awards in the US, which represented the remaining percentage, focused mainly on projects in the group’s core student housing, commercial, and data center sectors.

As of 31 December 2019, the estimated consolidated backlog reached $5.2 billion, compared to $4.3 billion as of 31 December 2018.

It is noteworthy that during the January-September period of 2019, the global engineering and construction contractor logged a net profit of $100.3 million, compared to $119.3 million in the prior-year period, including minority shareholders’ rights.

Source: Mubasher

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