Orascom Construction PLC (NASDAQ Dubai: OC; EGX: ORAS) announces that new awards grew 150% y-o-y and 39% q-o-q to USD 1.3 billion in Q3 2019. Total new awards in 9M 2019 have now reached USD 2.7 billion, marking a 79% increase over the USD 1.5 billion level in 9M 2018.
Egypt continues to comprise the majority of the awards, representing 75% of total new awards in Q3 2019, as the Group extended its leadership in the transportation sector. An OC consortium will design, build, operate and maintain Egypt’s first monorail lines on an EPC + finance basis. In addition, an OC joint venture will execute all 160 km of track work for the new electric light rail transit project in Egypt.
The U.S. business reported another strong quarter of order intake, accounting for 25% of total new awards in Q3 2019. Notable new projects include additional work in the data center sector, which has recently become a key market segment for the Group. Furthermore, the Group signed sizable new projects across its core senior living and commercial sectors.
The estimated consolidated backlog stood at USD 5.1 billion as of 30 September 2019 compared to USD 4.2 billion as of 30 September 2018 and USD 4.6 billion as of 30 June 2019.