Arab Finance: Orascom Construction Plc reported a consolidated backlog, excluding BESIX, of $7.3 billion in the first quarter (Q1) of 2024, up 33.1% year on year (YoY), as per an emailed press release.

Consolidated new awards fell by 29% YoY to $609.5 million in Q1 2024.

New awards signed in the Middle East and Africa (MEA) region in Q1 this year stood at $359 million, while the group’s subsidiaries in the US sealed $250.5 billion of new awards over the same period.

In Orascom Construction’s net profits attributable to shareholders surged 27.7% YoY to $46.1 million in Q1 2024 from $36.1 million.

However, consolidated revenues dropped to $766.3 million from $804.9 million.

In terms of standalone results, the firm garnered $3.735 million in net profits for Q1 2024, versus $8.133 million over the same period of last year.

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