Orascom Construction posts $8.1bln consolidated backlog in 2023

PHOTO

Orascom Construction Plc reported a consolidated backlog, excluding BESIX, of $8.1 billion for 2023, growing by 45.7% year on year (YoY), as per an emailed press release.

Consolidated new awards surged by 58.8% YoY to $5.8 billion in 2023.

New awards signed in Egypt and the UAE last year stood at $3.788 billion, while the group’s subsidiaries in the US sealed $1.968 billion of new awards over the same year.

In 2023, Orascom Construction’s net income attributable to shareholders surged 39.7% YoY to $158.6 million from $113.5 million.

However, the company’s consolidated revenues dropped 19.4% YoY to $3.368 billion in 2023 from $4.177 billion.

In terms of standalone results, the firm garnered $218.641 million in net profits in 2023, against net losses of $6.793 million in 2022.