PROJECTS: Orascom Construction added $650mln to its backlog in Q1 2021

Consolidated order backlog at the end of last month stood at $5.3 billion

  
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

Orascom Construction, one of the largest construction companies in the Middle East, added $650 million of new contract awards to its backlog in the first quarter of 2021, the company said in a stock exchange statement. 

The Nasdaq Dubai-listed company recorded an 8 percent year-on-year growth in awards in the first quarter, the statement said, adding that projects in Egypt across healthcare, roads, infrastructure and commercial sectors comprised 85 percent of the new awards. 

The balance was accounted for by new awards in the US comprising of commercial and light industrial projects, the statement noted. The estimated consolidated backlog stood at $5.3 billion as of 31 March 2021, it said. 

Orascom Construction generated revenues worth $3.4 billion in 2020. 

(Writing by Saket S; Editing by Anoop Menon) 

(anoop.menon@refinitiv.com

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