08 July, 2019
Orascom Construction PLC (NASDAQ Dubai: OC; EGX: ORAS) announces that new awards grew 40% y-o-y to approximately USD 935 million in Q2 2019. These additions bring total new awards in H1 2019 to USD 1.4 billion, marking a 42% increase over H1 2018.
Projects in Egypt comprised approximately 50% of total new awards in Q2 2019 as the Group reinforced its position as a leader in Egypt’s infrastructure development. Notable new projects include the largest water treatment plant in Egypt and significant additions to the country’s road development program.
The U.S. business, which accounted for the balance, recorded the highest level of quarterly order intake since Q3 2016. The Group added new work across its existing core commercial and light industrial sectors while gaining additional scope in the growing data center sector.
The Group’s estimated consolidated backlog stood at USD 4.6 billion as of 30 June 2019 compared to USD 4.2 billion as of 30 June 2018.