BESIX 2019 backlog hits $5.3bn as contract awards reach $3.6bn

CEO of Orascom Construction, Osama Bishai said that despite a modest fourth quarter, BESIX's backlog remained strong

BESIX is building the Grand Egyptian Museum alongside Orascom Construction.
CW archives/ Supplied
BESIX is building the Grand Egyptian Museum alongside Orascom Construction.

Belgian construction group BESIX, partly owned by Egyptian contracting heavyweight Orascom Construction, has recorded $4.97bn in standalone backlog as of 31 December 2019.

In a stock market filing, Oracom Construction revealed the financial position for BESIX in 2019, with the company having said that the Belgian contractor “maintained a robust level” in terms of its backlog for the year.

Meanwhile, new contract awards in 2019 for BESIX reached $3.6bn.

Speaking about the company’s 2019 financial position, CEO of Orascom Construction, Osama Bishai, said: “Despite a modest fourth quarter of the year for BESIX, its standalone backlog remains at a strong level of $5.3bn as new awards reached $3.6bn during the year.”

“This paves the way for the upcoming period alongside BESIX’s efforts to grow its construction, concessions and real estate activities.”

Additionally, new contract awards in Q4 2019 were $1.3bn. Meanwhile, the net income attributable to shareholders in 2019 stood at $22.9m, toppling 58.1% to $54.7m in 2018.

BESIX posted a net loss attributable to shareholders of $3.4m in Q4 2019, while net income attributable to shareholders in the same period in 2018 was $24.3m.

At Expo 2020 Dubai, BESIX is building the French and Belgian pavilion. Meanwhile, in January 2019, the Six Construct, a part of BESIX, secured the construction contract for Dubai Multi Commodities Centre's (DMCC) 78-storey Uptown Tower.

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