Orascom Construction adds USD 1.8 Billion to its backlog in Q2 2022
Orascom Construction PLC (NASDAQ Dubai: OC; EGX: ORAS) announces that it has added USD 1.8 billion of new awards to its backlog in Q2 2022. This reflects an increase of 55% y-o-y and brings total new awards in H1 2022 to USD 2.4 billion.
Projects in Egypt comprised 70% of new awards during Q2 2022, as the Group increased its integral role in the development of Egypt’s new high-speed rail system and signed a new 1,325 km phase for this project. New awards in the U.S. accounted for 30% of total during the quarter, which were mainly comprised of sizable data center and commercial projects.
The estimated consolidated backlog stood at USD 6.4 billion as of 30 June 2022.
Orascom Construction PLC is a leading global engineering and construction contractor primarily focused on infrastructure, industrial and high-end commercial projects in the Middle East, Africa, and the United States. Orascom Construction PLC also develops and invests in infrastructure opportunities, owns 50% of BESIX Group, and holds a construction materials, facility management and equipment services portfolio.
