Orascom building- REUTERS- Mohamed Abd El-Ghany
CAIRO – 8 July 2019: Orascom Construction Ltd announced a 40 percent increase in the new awards during the second quarter of 2019 on a year-on-year basis to hit $935 million.
Orascom added in a filing to the Egyptian Exchange (EGX) that the total new awards during the first half of the current year reached $1.4 billion, recording a 42 percent increase on an annual basis.
“Projects in Egypt comprised approximately 50 percent of the total new awards in Q2 2019 as the group reinforced its position as a leader in Egypt’s infrastructure development,” it stated.
The company clarified that notable new projects include the largest water treatment plant in Egypt and significant additions to the country’s road development program.
According to the filing, the U.S. business, which accounted for the balance, recorded the highest level of quarterly order intake since Q3 2016.
“The group added new work across its existing core commercial and light industrial sectors while gaining additional scope in the growing data center sector,” it said.
Previously, Orascom Construction Ltd announced that its consolidated profits in 2018 rose 82 percent, recording $154.7 million, compared to $85.1 million in 2017.
Orascom Construction Ltd is a public company, listed on Nasdaq Dubai and EGX. It operates within the capital goods sector, with a focus on construction and engineering.
It has companies operating across South and Central Asia, North America, Western Europe, North Africa, West Africa and the Middle East.