Orascom Construction’s (OC) net income increased 34.2% y-o-y to USD 21.6 mn in 3Q 2024, according to its latest earnings release (pdf). Revenues rose to USD 843 mn during the quarter, marking a 5.1% y-o-y increase, while new awards fell 59.1% y-o-y during the quarter to record USD 926 mn. The MEA region contributed 47% of total revenues for the quarter, while US operations drove the remaining 53%. Revenue growth in Egypt was dampened by the float of the EGP in March.

On a 9M 2024 basis, OC's net income rose 18.2% y-o-y to USD 86.3 mn, while revenues fell 1.9% y-o-y to USD 2.3 bn.

Backlog grew despite lower new awards: OC’s consolidated backlog was up 14.7% y-o-y to USD 8.0 bn during the nine-month period — projects in Egypt accounted for 67.1% of Orascom Construction’s total consolidated backlog, projects in the US came in second (21.7%) and projects in the UAE (7.6%) followed. The company’s new awards fell 33.1% y-o-y to USD 2.6 bn.

What they said: “We are pleased with our progress across all pillars of our strategy, reflecting our right fundamentals and our efforts in project execution, growth initiatives, financial management, concessions, and capital allocation. This is also demonstrated by y-o-y growth across our backlog, EBITDA and net income in both Q3 and 9M 2024,” said CEO Osama Bishai.

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