Orascom adds $650M to backlog in Q4 2017

CAIRO – 5 February 2018: Orascom Construction Limited announced that it added $650 million worth of new awards to its backlog during Q4 of 2017, according to a press release on Monday.

Orascom added that new projects in Egypt comprised the largest share, approximately $580 million across a wide range of sectors including renewable energy, marine and commercial buildings.

The release added that the group’s subsidiaries in the U.S. added new projects amounting to approximately $70 million mainly in the private sector.

Chief Executive Officer of Orascom Construction said that they are pleased with the continued momentum across their bidding pipeline and with the investment in the 250 megawatt build-own- operate wind farm as it underscores their strategy to pursue infrastructure investments that create new construction opportunities and long term value for shareholders.

Orascom achieved a net profit amounting to $23.5 million in the three months ending in September 2017, compared to profits of $29.2 million in the same period of 2016.

Orascom Construction is a global engineering and construction contractor primarily focused on infrastructure, industrial and high-end commercial projects in the Middle East, North Africa, the United States, and the Pacific Rim.