Orascom Construction adds $670m of new awards in Q3-22

Cairo – Mubasher: Orascom Construction Plc has added $670 million of new awards to its backlog in the third quarter (Q3) of 2022.

This brings total new awards in the first nine months of 2022 to $3.10 billion, according to a stock exchange statement on Monday.

Projects in the Middle East comprised 70% of new awards during Q3-22, mainly across the infrastructure, logistics, and commercial sectors.

New awards signed by the US subsidiaries accounted for 30% of the total during the quarter. Projects in the data center sector accounted for a significant portion of new awards signed by the US subsidiaries, highlighting the group’s successful efforts to expand across this growing sector.

The estimated consolidated backlog stood at $6.1 billion as of 30 September 2022.

In the first half (H1) of 2022, Orascom Construction recorded net earnings of $40.50 million, down from $53.40 million in the same period in 2021.

Mubasher Contribution Time: 17-Oct-2022 07:48 (GMT)
Mubasher Last Update Time: 17-Oct-2022 07:49 (GMT)