Mubasher TV
Contact Us Advertising   العربية

Orascom Construction reports $5.4bn in Q1-20

Orascom Construction reports $5.4bn in Q1-20
The company reported consolidated new awards of $599.2m
Orascom Construction
-2.87% 4.91 -0.14

Cairo – Mubasher: The backlog excluding BESIX of Orascom Construction PLC reached $5.4 billion during the first three months of 2020, up 24.1% year-on-year (YoY) from $4.3 billion in the same months of 2019.

With the pro forma including 50% of BESIX, the backlog increased by 13.3% to $7.9 billion in the first quarter (Q1) of 2020 from $7.004 billion in the year-ago period, according to the company's press release on Thursday.

Meanwhile, the company reported consolidated new awards of $599.2 million in the January-March period, compared to $480.7 million in the corresponding period of 2019.

The pro forma new awards rose by 10.5% YoY to $946.9 million in Q1 2020 from $857.2 million in the year-ago period.

BESIX’s standalone backlog and new awards amounted to EUR 4.6 billion and EUR 634.5 million, respectively as of 31 March 2020.

It is worth highlighting that in Q1-20, the company's net profits declined by 26% to $24.9 million from $33.7 million in the same period of 2019.