Arab Finance: 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.

JP Morgan expects $16.2B increase in Egypt’s FX reserves in FY2024/25 Updated 5/4/2024 10:07:00 AM

Egypt’s steel rebar production up 24.3% YoY in Q1 Updated 5/1/2024 10:35:00 AM

Egypt targets 10% growth in industrial investments in 2024 Updated 4/30/2024 10:03:00 AM

Philip Morris Misr raises cigarette prices Updated 4/23/2024 9:28:00 AM

Price of 21-karat gold in Egypt could hit EGP 4,000/gram end-2024 Updated 4/22/2024 1:57:00 PM