Arab Finance: Orascom Construction posted a consolidated backlog, excluding BESIX, of $5.5 billion for the first quarter (Q1) of 2023, down by 1.2% year on year (YoY), according to a results announcement on June 1st.
Consolidated new awards climbed by 39% to $858.4 million in Q1 2023 from $617.5 billion in Q1 2022.
New awards signed in Egypt during the first three months of 2023 stood at $457.7 million, while the group’s subsidiaries in the US inked $400.7 million of new awards in the same period.
Meanwhile, Orascom Construction’s net income attributable to shareholders grew 175.6% YoY in Q1 2023 to $36.1 million.
The company’s consolidated revenue fell 17.8% to $804.9 million in the three-month period ended March 31st, versus $979.7 million in Q1 2022.