Orascom Construction (OC) has reported consolidated new awards of USD 599.2 mn (EGP 9.5 bn) in Q1 2020, compared to USD 480.7 mn (EGP 7.6 bn) in the corresponding period last year, Invest-Gate reports.

With the pro forma including 50% of BESIX, the company’s backlog bounced by 13.3% to USD 7.9 bn (EGP 125 bn) during the first three months of 2020 from USD 7 bn (EGP 110.7 bn) in the year-ago period, OC revealed in its financial statements on May 21.

Besides, the Egypt-based company recorded a net cash position of USD 114.3 mn (EGP 1.8 bn) as of March 31 and has access to sufficient, additional direct credit lines of over USD 500 mn (EGP 8 bn).

“Consolidated revenue increased 17.3% y-o-y to USD 827.6 mn (EGP 13.1 bn) in Q1 2020 … Excluding the contribution from BESIX, net income stood at USD 36.4 mn (EGP 575.8 mn) during the same period,” read the statement.

OC expanded its presence across a number of its existing core sectors such as infrastructure, wastewater treatment, railway, roads, and data centers. During the quarter, the group was awarded the modification, renewal, installation, and maintenance of the Banha-Port Said railway lines in Egypt, stretching across 45 kilometers of trackwork and signaling. OC is also part of a consortium to build the first Independent Sewage Treatment Plant concession in Saudi Arabia,” it added.

On his part, CEO of OC Osama Bishai underscored, “We are also proud to play our role in contributing to national efforts that address COVID-19 relief, such as funding and arranging the repair of ventilators across 42 hospitals in Egypt and donating medical equipment. These initiatives are also mirrored in BESIX, which has directed resources ranging from donating critical supplies to local hospitals and laptops to children in need of online schooling, to 3D-printing essential parts of protective masks.”

Earlier, a consortium made up of Orascom Construction, Arab Contractors, and Bombardier Transportation has broken ground on Egypt’s first-ever monorail line, which will connect east Cairo and the New Administrative Capital (NAC), starting off on the first week of May, according to a previous statement.