Orascom Construction (OC) PLC announced that it had secured new contracts worth $5.2bn in the first nine months of 2023, which include 50% of the contracts of its subsidiary “BESIX” group, in which it owns a 50% stake. The company’s backlog of projects increased to $9.8bn during the same period, while Orascom’s standalone backlog reached $7bn as of September 2023.
Osama Beshay, the CEO of OC, said that Egypt and the UAE accounted for 79% of the value of the company’s new contracts. He added that most of the new contracts in Egypt were supported by international funding agencies, while the US represented 21% of the value of the new contracts, driven by projects to build large data centers.
Beshay explained that OC continued to invest in infrastructure projects that offer long-term returns, as well as in the sectors of building materials, operation and maintenance, and equipment services that contribute to the company’s sustainability.
He noted that the company maintained its expansion in investments despite divesting two of its subsidiaries in the second quarter of 2023.
OC’s profits surged by 115% in the first nine months of 2023, reaching $150.8m, compared to $70.2m in the same period of 2022.
The company’s revenues dropped to $2.36bn in the first nine months of 2023, compared to $3.05bn in the same period of the previous year.
Earnings per share doubled to $1.01 per share in the first nine months of 2023, compared to $0.49 per share in the same period of 2022.
