Orascom Construction saw its net income rise 27.7% y-o-y in 1Q 2024 to USD 46.1 mn, backed by strong operational performance and the company’s efforts to improve financial management, according to the company’s latest earnings release (pdf). The construction giant recorded revenues of USD 766.3 mn — a 4.8% y-o-y decrease — which the company attributed to the float of the EGP seeing as its figures are denominated in USD. Revenues would have seen a y-o-y increase if they were calculated in EGP.

Backlog nears record high: The company’s consolidated backlog grew 33.1% y-o-y to USD 7.3 bn — projects in Egypt accounted for 68.2% of Orascom Construction’s total consolidated backlog. The company’s new awards fell 29% y-o-y to USD 609.5 mn during the quarter.

Looking ahead: “Our backlog ... has provided us with strong visibility for the upcoming period as we continue to focus on project execution, collections, financial management, and ramping up our large-scale contracts signed in 2H 2023,” said CEO Osama Bishai.

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