01/14/2020 | Press release | Distributed by Public on 01/14/2020 00:13
Orascom Construction Adds USD 770 Million to its Backlog in Q4 2019Jan 14 2020
Orascom Construction PLC (NASDAQ Dubai: OC; EGX: ORAS) announces that it has added approximately USD 770 million of new awards to its backlog in Q4 2019. This brings total new awards in FY 2019 to USD 3.5 billion, marking an increase of 50% y-o-y and underscoring the Group's success in adding wide-ranging, well-funded projects while maintaining its selective criteria.
Projects in Egypt comprised 70% of new awards during Q4 2019 across market segments including infrastructure, healthcare, logistics and roads. New awards in the U.S., which accounted for the balance, were mostly comprised of projects in the Group's core student housing, commercial and data center sectors.
The estimated consolidated backlog stood at USD 5.2 billion as of 31 December 2019 compared to USD 4.3 billion as of 31 December 2018.