Cairo – Mubasher: Orascom Construction achieved higher profit margins in the second quarter of 2015, thanks to participation in several of Egypt’s fast-track power plants projects, said Pharos Research in a report issued Thursday.

“This confirms our views that the participation in fast-track projects in Q2-15 largely supported the margin recovery that occurred during the quarter,” said Pharos.

Orascom Construction posted $44.7 million in consolidated net profit for the first half of 2015, while its second-quarter earnings amounted to $35.2 million.

OC, which is listed on Egypt’s bourse and NASDAQ Dubai, achieved a 51% rise in project backlog to $7.2 billion by the end of the second quarter of 2015, while new awards surged 65% year-on-year to $2.56 billion. Backlog was mainly driven by “the addition of high quality contracts across Egypt, Saudi Arabia and USA”.

OC’s CEO Osama Bishai noted that his company has sustained growth and a strong market position during the first half of the year, enabling it to surpass the $7 billion mark for backlog for the first time in the company’s history.