Backlog grows 10% at Egypt's Orascom to hit $4.6bn in H1 2019
Dubai- and Egypt-bourse listed contracting giant won $1.4-billion in contracts during H1 2019, a 42% hike on H1 2018 figures
Nasdaq Dubai- and Egypt bourse-listed Orascom Construction won $1.4bn in contracts during the first six months of 2019, marking a 42% increase on corresponding figures for H1 2018, with the company – part owner of Belgian construction giant Besix – adding $935m to its backlog in Q2 2019, a 40% increase on the same period a year ago.
Projects in Egypt made up roughly 50% of all of Orascom's new awards in Q2 2019.
Notable wins during the period included the largest water treatment plant in Egypt and road projects in the Arab country.
The group’s estimated consolidated backlog stood at $4.6bn as of 30 June, 2019 – almost 10% higher than its $4.2bn backlog as of 30 June, 2018.
Orascom's US business, which accounted for the remaining balance of awards in Q2, recorded the highest level of quarterly order intake since Q3 2016.
As an engineering, procurement, and construction contractor, as well as one that delivers operations and maintenance services, Orascom is currently working on water plants that respectively have a total capacity of two million m3 and 500,000 m3 per day.
Orascom is also working on Egypt's New Administrative Capital and Al Alamein cities.