Wednesday 22 January 2020

Orascom Construction's Q2 contracts up 40pc

DUBAI, July 8, 2019

Orascom Construction has announced that its new contract award wins for the second quarter grew 40 per cent year-on-year to $935 million.

Announcing the new H1 tally, the regional construction giant said these additions bring the total new awards for the first six months to $1.4 billion, thus marking a 42% increase over the same period last year.

Projects in Egypt comprised approximately 50% of total new awards in Q2 as the group reinforced its position as a leader in Egypt’s infrastructure development.

Notable new projects include the largest water treatment plant in Egypt and significant additions to the country’s road development program.

The US 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.

Orascom's estimated consolidated backlog stood at $4.6 billion as of June 30, 2019 compared to $4.2 billion as of June 30, 2018.-TradeArabia News Service


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