12 October, 2021
Orascom Construction PLC (NASDAQ Dubai: OC; EGX: ORAS) announces that it has added USD 960 million of new awards to its backlog in Q3 2021. These new awards mark an increase of 42% y-o-y over the level in Q3 2020, bringing total new awards in 9M 2021 to USD 2.8 billion.
Projects in Egypt comprised 65% of new awards during Q3 2021, which included a contract to design, install, commission and maintain Egypt’s first high-speed rail system. New awards in the U.S. accounted for 35% of total during the quarter, mainly led by large projects in the student housing sector.
The estimated consolidated backlog stood at USD 6.1 billion as of 30 September 2021.