Arab Finance: Orascom Construction Plc posted a consolidated backlog, excluding BESIX, of $6.961 billion for the first nine months of 2023, up by 14.1% year on year (YoY), as per an emailed press release.

Consolidated new awards rose by 26.1% YoY to $3.856 billion in the January-September period of the current year.

New awards signed in Egypt and the UAE during the first nine months of the year stood at $2.531 billion, while the group’s subsidiaries in the US inked $1.325 billion of new awards over the same period.

Meanwhile, Orascom Construction’s net income attributable to shareholders surged 98.6% YoY from January through September to $114.8 million, up from $57.8 million.

However, the company’s consolidated revenues fell 22.5% YoY to $2.365 billion from $3.053 billion.

In terms of standalone results, the firm garnered $67.580 million in net profits for the first nine months of 2023, against net losses of $23.605 million over the same period of last year.

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