Cairo – Mubasher: Orascom Construction Plc has added new contracts worth $475 million to its backlog during the first quarter of 2019.
Accordingly, the company’s consolidated backlog reached $4.2 billion on 31 March, according to a statement.
New awards in Egypt cover the fields of infrastructure, ports, roads, and building in the New Administrative Capital and New Alamein, accounting for nearly 75% of the total value of new contracts, the statement revealed.
Meanwhile, the new contracts signed in the US, which represents the remaining percentage of total contracts’ value, are being implemented for private sector clients in the commercial and data centres sectors, the statement added.
Orascom Construction, listed on the Egyptian Exchange (EGX) and Nasdaq Dubai, previously reported a $154.7 million in consolidated profits for fiscal year 2018, rising 82% from $85.1 million in 2017.
The Cairo-based engineering and construction contractor had logged revenue of $3.01 billion in FY18, down from $3.67 million a year earlier.
