Orascom Construction’s net income attributable to shareholders almost tripled y-o-y to USD 36.1 mn in 1Q 2023 as FX gains resulting from its net asset position in Egypt offset a decline in revenues, according to its latest earnings release (pdf). The company revenues fell 18% y-o-y to USD 805 mn during the quarter led by a 40% decline from its operations in the Middle East and Africa. US revenues rose 50% to USD 356.9 mn.

Backlog dips, new awards up: Orascom Construction’s backlog excluding BESIX fell 1.2% to USD 5.5 bn during the January-March quarter despite the devaluation of the EGP at the start of the year, the company said. Egypt made up the majority of the company’s backlog, with a 69.4% share, followed by the US (24.7%) and Saudi Arabia (2%). New awards rose almost 40% to USD 858.4 mn.

What they said: “Progress is well on track at key projects such as the monorail in Egypt and data centers in the US,” CEO Osama Bishai said. “It is also worth noting that a sizable portion of new work and existing backlog in Egypt is denominated in foreign currency. These new awards helped maintain the backlog at a healthy level of USD 5.5 bn, in-line with the level achieved the previous year and slightly higher compared to last quarter.”

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