Strong first quarter for Orascom Construction: Our friends at Orascom Construction saw their revenues inch up 10.6% y-o-y to record USD 847.6 mn during 1Q 2025, according to its latest earnings release (pdf). MEA operations made up 61% of total revenues, bringing in USD 518.7, and US operations accounted for the rest, bringing in USD 328.9 mn. “Revenue in MEA reflects the execution of new large-scale projects while revenue in USA is expected to increase along with new awards during the year,” the release read.

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Net income attributable to shareholders recorded USD 25.1 mn during the quarter, a 45.6% down from the comparative period, given that last year witnessed above-average net financing gain that reflected the devaluation of the EGP in March 2024, according to the statement. “Excluding this impact, net profit in Q1 2025 would have reported an increase y-o-y,” the release read.

The company’s consolidated backlog increased 20.1% y-o-y to USD 8.7 bn during the three-month period. The increase was the result of the company signing new contracts worth USD 1.6 bn across Saudi Arabia, Egypt and the US. Projects in Egypt made up 59% of the backlog, followed by the US with 16%, and Saudi Arabia with 15%.

What they said: “Our current project mix aligns with our strategic objectives and demonstrates strong progress in expanding across key sectors and markets. The highlight of our new awards in 1Q 2025 is the 3 GW power plant in Saudi Arabia, which reflects our regional expansion and technical expertise in the power sector. We also remain focused in the US on pursuing new opportunities across specialized sectors such as data centers, aviation and advanced manufacturing,” CEO Osama Bishai said.

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