Egypt-based Orascom Construction has announced adding new contracts worth USD 475 mn to its backlog during the first quarter of 2019, driving the company’s consolidated backlog to nearly USD 4.2 bn as of March 31, Invest-Gate reports.

New awards in Egypt cover the fields of infrastructure, ports, roads, and building in the New Administrative Capital (NAC) and New Alamein, accounting for roughly 75% of the total value of new contracts, Orascom said in an official statement on April 23.

Meanwhile, new contracts inked in the US, which represent 25% of the total contracts value, are being implemented for private sector clients in the commercial and data centers sectors, the company added.

On March 27, Orascom Construction revealed logging a sharp rise of 84% in its net profits for FY 2018 to record USD 144.7 mn, compared to USD 78.5 mn a year earlier, according to a previous statement.

The company also marked a 652% rise in net income for Q4 2018, reporting USD 33.1 mn versus USD 4.4 mn in the prior-year period. It 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.

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.”