Egypt-based Orascom Construction maintained its positive position in the third quarter of 2018, posting a 208.5% surge in its adjusted net income of USD 69.1 mn versus USD 22.4 mn in the year-ago period, excluding one-off US legal provision, Invest-Gate reports.

However, the company’s revenues went down 9.5% in Q3 2018 to USD 728.8 mn from USD 806.8 mn in Q3 2017, according to Orascom’s latest financial results on November 27.

Orascom’s CEO Osama Bishai said, “We have maintained a healthy backlog of USD 4.2 bn comprised of quality projects that provide us with our targeted visibility of 16-20 months.”

“We are also very pleased with the exciting project pipeline that we are currently pursuing in our main markets where we have been focusing on key sectors and projects across our core competencies,” he added.

In early November, Orascom revealed that it added USD 520 mn of new awards to its backlog in Q3 2018, of which Egypt accounts for about 60% of the new awards, while the US represents the remainder.

“New awards in Egypt were mainly across the infrastructure and wastewater treatment sectors as [Orascom] strengthened its leadership position in these market segments,” the company said in an earlier statement, noting that its consolidated backlog as of September 30 stood at USD 4.1 bn.