Cairo - Mubasher: MubasherTrade Research has maintained their Hold/Moderate Risk rating on the stock of Orascom Construction Limited, with the same price target of $6.5 / EGP 119.1 per share, implying an upside potential of 19%.
The research firm said in a recent report that the company achieved a growth in net income by 22% year-on-year, beating consensus by a large margin, of more than +60%.
Orascom Construction was awarded a second water desalination plant in Egypt, adding to its existing water desalination project which started in the second hald of last year.
In the US, Weitz signed $164 million in new awards, mainly consisting of commercial work. As for BESIX, new awards amounted to EUR 848 million, increasing its total backlog to EUR 3.30 billion.
