Egypt's Orascom Construction adds $520m to Q3 2018 backlog
The Egyptian contractor said its backlog as of 30 September 2018 stood at $4.1bn
Orascom Construction has added $520m of new awards to its backlog between July and September this year, the majority of which came from Egypt where the firm is based.
According to a regulatory filing on Nasdaq Dubai, the Egyptian contracting heavyweight said the consolidated backlog as of 30 September 2018, in light of the Q3 contract wins, stood at $4.1bn.
Egypt accounted for approximately 60% of new awards with the US making the rest, the firm explained. New awards in Egypt were mainly across the infrastructure and wastewater treatment sectors as the firm, in its owns words, "strengthened its leadership position in these market segments".
“In the US, [Orascom] maintained the improved level of new awards achieved in the second quarter and signed new projects across the private-sector commercial and light industrial sectors,” as outlined in the bourse statement.
Belgium engineering, procurement and construction services firm Besix Group, of which Orascom Construction owns 50%, added approximately $434.9m (EUR380m) of new projects in this year’s third quarter, bringing total new awards for the period to $2.2bn.
The firm’s Q3 figures come amid a strong year for the contractor.
According to its H1 2018 financials released two months ago, profits at Orascom increased by 59.6% to $82.5m following a hike in new contract wins. At the time, Orascom revealed it had signed approximately $680m worth of new awards in the Middle East during this period.
July this year saw it enter a consortium agreement with Japan's Toyota Tsusho Corporation and French electricity heavyweight Engie to develop a 500MW wind farm in Ras Ghareb, northern Egypt, under a build-own-operate model.