Orascom Construction (OC) has signed new contracts worth USD 1.3 bn in Q3 2019, spiking by 150% year-on-year (YoY) and 39% quarter-on-quarter (QoQ), Invest-Gate reports.
The additions bring the total new awards registered during the first nine months of 2019 to USD 2.7 bn, marking a 79% increase over the USD 1.5 bn rate in the corresponding period of last year, according to the company’s press release on October 7.
“Egypt continues to comprise the majority of the awards, representing 75% of total new awards in Q3 2019, as the group extended its leadership in the transportation sector,” read the statement.
“An OC consortium will design, build, operate and maintain Egypt’s first monorail lines on an [engineering, procurement, and construction (EPC)] finance basis. In addition, an OC joint venture will execute all 160 kilometers of trackwork for the new electric light rail transit project in Egypt,” it added.
Meanwhile, projects in the US represented 25% of total new awards in the three-month period, ended on September 30, with new projects that include additional work in the data center sector, alongside sealing deals across its core senior living and commercial sectors.
OC’s estimated consolidated backlog hit USD 5.1 bn at the end of Q3, compared to USD 4.2 bn in the year-ago period and USD 4.6 bn as of June 30.
