Orascom Construction’s (OC) net income attributable to shareholders rose 19 1% y-o-y during the first six months of the year to USD 98.7 mn, according to its earnings release (pdf). Revenues were down 18% to USD 1.56 bn.

It was the same story on a 2Q basis: The construction giant’s net income more than tripled y-o-y to USD 62.6 mn in 2Q 2023, as FX gains from the group’s net asset position in Egypt and the divestment of two building material subsidiaries offset a decline in revenues. The company’s revenues fell 19% y-o-y to USD 758.6 mn during the quarter on the back of a 29% decline in revenues from its Middle East and Africa operations.

Backlog + new awards down: Orascom Construction’s backlog excluding BESIX fell 15% to USD 5.5 bn as of the end of 1H 2023. Egypt made up the majority of the company’s backlog, with a 68% share, followed by the US (27%) and Saudi Arabia (2%). New awards fell 33% y-o-y to USD 1.6 bn during the six-month period, and were down 58% y-o-y in 2Q.

What they said: “We continue to create value for shareholders and focus on our long-term strategy. We recently divested two of our non-strategic building materials subsidiaries in May and June. These transactions align with our approach to unlock value across our matured assets for allocation to growth and value accretive areas,” CEO Osama Bishai said.

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