Cairo – Mubasher: Orascom Construction PLC, listed on the Egyptian Exchange (EGX) and Nasdaq Dubai, added new awards worth $960 million to its backlog in the third quarter (Q3) of 2021, marking a 42% year-on-year (YoY) increase.
This brings total new awards in the first nine months of 2021 to $2.8 billion, the company said in a statement to the EGX on Tuesday.
Projects in Egypt accounted for 65% of new awards during the July-September period, including a contract to design, install, commission, and maintain the first high-speed rail system in the country.
In addition, new awards in the US made up 35% of total awards during Q3-21, primarily driven by large projects in the student housing sector.
The estimated consolidated backlog recorded $6.1 billion as of 30 September.
In the first half (H1) of 2021, the company reported net profits of $53.4 million, up from $34.4 million in H1-21, including minority shareholders' rights.
