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Orascom construction seals $2.3bn contracts in 2018

Orascom construction seals $2.3bn contracts in 2018
Orascom Construction
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Cairo – MubasherOrascom Construction Plc, listed on the Egyptian Exchange (EGX) and Nasdaq Dubai, on Monday announced it has added $825 million contracts to its under-construction businesses during the fourth quarter of 2018.

The new ongoing projects in Egypt and Africa accounted for 60% of the contracts’ value, the international engineering and construction contractor said in a statement.

Meanwhile, the company’s new contracts in the US made up the remaining percentage, the Egypt-based firm added.

The company noted it has sealed $2.3 billion contracts in 2018, expecting their business to amount to $4.2 billion at the end of the last year.

In November, Orascom Construction reported a 37% year-on-year increase in consolidated profit for the third quarter of 2018.

Net profits stood at $32.3 million during the three-month period ended September, versus $23.5 million in the year-ago period.

Revenue shrank to $728.8 million in Q3-18 from $805.4 million in the same period a year earlier.

In the first nine months of the year, the company logged $119.3 million in profits, versus $82.3 million for the corresponding period of 2017.