Egypt's Orascom adds $770m in new contract awards to Q4 2019 backlog
70% of the new contract awards in Q4 2019 were awarded for projects in Egypt, while remaining 30% for projects in the US
Nasdaq Dubai- and Egyptian Stock Exchange-listed (EGX) engineering and construction contractor Orascom Construction has added new contract awards worth $770m in its Q4 2019 backlog, as new awards total to $3.5bn in 2019.
The contract awards grew by 50% year-on-year in 2019, which the contractor said highlighted its experience in adding “wide-ranging, well-funded projects” as it continued to maintain its selective criteria.
According to the contractor, which is led by chief executive officer, Osama Bishai, 70% of the new contract awards in Q4 2019 were awarded for projects in Egypt. These contracts were awarded in various sectors such as infrastructure, healthcare, logistics, and roads.
Meanwhile, 30% of the contracts were awarded for projects in the US, where the company is currently a part of a consortium that is building the new $1.5bn terminal at Kansas City International Airport. These contracts, according to the contractor, were awarded in student housing, commercial, and data centre sectors.
Orascom Construction’s estimated consolidated backlog as of 31 December 2019 surged by 17.3% to reach $5.2bn in 2019 compared to $4.3bn in the same period the previous year.