Orascom Construction : Adds USD 1.8 Billion to its Backlog in Q2 2022
August 02, 2022 at 01:20 am EDT
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Orascom Construction Adds USD 1.8 Billion to its Backlog in Q2 2022
02 August, 2022
Orascom Construction PLC (NASDAQ Dubai: OC; EGX: ORAS) announces that it has added USD 1.8 billion of new awards to its backlog in Q2 2022. This reflects an increase of 55% y-o-y and brings total new awards in H1 2022 to USD 2.4 billion.
Projects in Egypt comprised 70% of new awards during Q2 2022, as the Group increased its integral role in the development of Egypt's new high-speed rail system and signed a new 1,325 km phase for this project. New awards in the U.S. accounted for 30% of total during the quarter, which were mainly comprised of sizable data center and commercial projects.
The estimated consolidated backlog stood at USD 6.4 billion as of 30 June 2022.
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Orascom Construction Ltd. published this content on 02 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 August 2022 05:19:03 UTC.
Orascom Construction PLC, formerly Orascom Construction Ltd, is a United Arab Emirates-based engineering and construction contractor. The Company is primarily focused on infrastructure, industrial and high-end commercial projects in the United States, the Middle East, Africa and Central Asia for public and private clients. The Company operates under the following brands: Orascom, Contrack and The Weitz Company. The Companyâs projects cover civil buildings, heavy industries, manufacturing, petrochemicals, federal infrastructure, power generation, social infrastructure, transport, water and wastewater, design build, as well as operations and maintenance.