Orascom Construction PLC has been implementing projects worth $9bn throughout the first half (1H) of 2022.
Moreover, the value of its new contracts increased by 21.9% to $3.2bn.
In the Middle East and North Africa (MENA) the group signed new contracts worth $1.6bn in Egypt, $1.2bn of which were added in the second quarter (2Q) of 2022.
These new contracts included projects in the transportation, water, and commercial real estate sectors.
Furthermore, the company’s subsidiaries in the US signed new contracts worth $1.817m, $526m of which were added in 2Q 2022.
The group also maintained the strong momentum of new contracts that began last year and increased the value of projects in progress in the US by 34% y-o-y.
The new contracts included important projects regarding data centres, as the group has been expanding in the sector since 2017. The group was also able to complete the implementation of six advanced data centres in the US and is currently building three others.
BESIX Group
The value of projects in progress for the BESIX Group — which is owned by Orascom — reached €4.9bn on 30 June 2022, reflecting an increase of 0.4% y-o-y. Also, the total value of new contracts reached approximately €760m in 2Q 2022, resulting in an increase of €1.5bn by 9.3%.
However, the profits of Orascom Construction PLC declined by 24.2% in 1H 2022 to $40.5m, compared to 1H 2021’s $53.4m.
Moreover, its share of profits shrunk to about $10m from $43.4m.
Additionally, its non-controlling interests recorded losses of $1.8m, compared to profits of $4.9m.
