Egypt’s Orascom Construction logged a sharp rise of 84% in net profits for FY 2018 to record USD 144.7 mn, compared to USD 78.5 mn a year earlier, Invest-Gate reports.

The company also marked a 652% increase in net income for Q4 2018, reporting USD 33.1 mn versus USD 4.4 mn in the prior-year period, Orascom Construction announced in a statement on March 27.

The company inked roughly USD 1.5 bn of new awards in the Middle East and Africa regions during FY 2018, of which USD 520 mn were added in Q4 2018, according to the statement.  

Awards in Egypt include a number of new projects that span a number of market segments such as the development of water desalination and treatment plants in Alamein and the New Administrative Capital (NAC).

Commenting on the results, CEO of Orascom Construction Osama Bishai noted, “Our consolidated fourth-quarter earnings round up a consistent ending to the year and reflect our continued focus on operational excellence and project controls. We also ended the quarter with a solid addition of new awards that highlight our market leadership and our efforts to identify quality projects in new markets.”

Concerning other markets abroad, particularly in the US, Bishai said, “It is also worth noting that pre-construction work is already underway for a [72-megawatt] data center in Des Moines, Iowa, positioning us well for future opportunities in this growing sector.”