Orascom Construction records consolidated backlog of $5.5B in H1
Updated 8/30/2023 9:30:00 AM
Arab Finance: Orascom Construction Plc posted a consolidated backlog, excluding BESIX, of $5.5 billion for the first half (H1) of 2023, down by 14.9% year on year (YoY), as per an emailed press release.
Consolidated new awards logged $1.6 billion in H1 of the current year.
New awards signed in Egypt during H1 2023 stood at $751 million, while the group’s subsidiaries in the US inked $843.1 million of new awards over the same period.
Meanwhile, Orascom Construction’s net income attributable to shareholders soared 191.2% YoY in H1 2023 to $98.7 million, up from $33.9 million.
The company’s consolidated revenue fell 18.3% to $1.564 billion in the period from January to June, versus $1.915 billion in the same period of last year.
In terms of standalone business, the company earned $73.693 million in net profits in H1 2023, against net losses of $23.559 million in the year-ago period.
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