Orascom Construction adds US$ 475 mn to its Q1 2019 backlog
Posted on 25th April 2019
According to *Constructionweekonline news report, Nasdaq Dubai- and Egypt bourse-listed Orascom Construction has added $475m to its Q1 2019 backlog following a profitable 2018 on the back of “operational excellence and project controls”, with its order book as of 31 March, 2019 valued at $4.2bn.
According to a stock market missive, 75% of the company’s new awards in Q1 2019 came from projects in Egypt, and span industries such as infrastructure, marine and roads.
Orascom is also working on Egypt's New Administrative Capital and Al Alamein cities.
The remaining 25% of its Q1 2019 backlog comprises awards in US, which included private-sector work in the commercial and data centre sectors.
The company is already implementing pre-construction work for data centre in Des Moines, Iowa, with construction expected to commence on the project in Q2 2019, according to Orascom's 2018 annual report.
In 2018, the construction giant recorded an 84.3% hike in its profits. which reached $144.7m during the year.
Commenting on the financial performance for 2018, Orascom's chief executive officer, Osama Bishai, said earlier this year: “Our consolidated fourth quarter earnings round up a consistent ending to the year and reflect our continuous focus on operational excellence and project controls.”
In January 2019, Orascom, alongside desalination firms Metito and Riyadh-based water utility firm Mowah, inked a deal to build an independent sewage treatment plant project in Saudi Arabia, which will have an initial capacity of 200,000m³ per day when it is operational.Back to all Construction News
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