{"id":549069,"date":"2022-09-01T03:30:54","date_gmt":"2022-09-01T03:30:54","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/01\/orascom-construction-sees-profitability-improve-q-o-q-in-2q-2022-as-us-margins-improve-eyes-new-infrastructure-and-data-center-projects\/"},"modified":"2022-09-01T03:30:54","modified_gmt":"2022-09-01T03:30:54","slug":"orascom-construction-sees-profitability-improve-q-o-q-in-2q-2022-as-us-margins-improve-eyes-new-infrastructure-and-data-center-projects","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/01\/orascom-construction-sees-profitability-improve-q-o-q-in-2q-2022-as-us-margins-improve-eyes-new-infrastructure-and-data-center-projects\/","title":{"rendered":"Orascom Construction sees profitability improve q-o-q in 2Q 2022 as US margins improve; eyes new infrastructure and data center projects"},"content":{"rendered":"

Orascom Construction (OC) reported an 8% y-o-y rise in revenues to USD 934.9 mn in 2Q <\/strong>2022<\/strong>, with net income of USD 20.8 mn (down 13% in a high-inflation environment), according to its latest earnings release (pdf)<\/a>. Net income in the period was up nearly 60% over 1Q 2022, the company noted. OC\u2019s EBITDA margin came under pressure in the Middle East and Africa at the same time as the group\u2019s margins in the US improved substantially. The construction giant's net income eased 29% to USD 33.9 mn in the first six months of the year, while revenues were up 14% to USD 1.9 bn.<\/p>\n

OC\u2019s consolidated backlog rose more than 10% to USD 6.5 bn<\/strong> in 1H 2022, <\/strong>with new awards jumping 32% y-o-y to USD 2.4 bn. Egypt accounted for 69% of the company\u2019s backlog, followed by the US (25%) and Saudi Arabia (2%). Standalone backlog at Besix, in which OC holds a 50% share, rose 15% y-o-y to reach EUR 4.9 bn by the end of 1H. OC\u2019s pro forma backlog including its 50% share in Besix rose 7% y-o-y to record USD 9 bn.<\/p>\n

BESIX returns to profitability<\/strong>:<\/strong> Belgium-based Besix recorded net income of USD 4.5 mn in 2Q 2022, bouncing back from losses of USD 11 mn<\/a> in the first quarter of the year.<\/p>\n

In a challenging, high-inflation environment, OC is focused on \u201cproject execution, <\/strong>controls, supply chain and collections,\u201d <\/strong>CEO Osama Bishai said, with the result being a quarter-on-quarter improvement in profitability as well as an improving net cash position as the group generated positive operating cashflows in 2Q 2022. The company\u2019s business development priorities include infrastructure projects and data centers.<\/p>\n","protected":false},"excerpt":{"rendered":"

Orascom Construction (OC) reported an 8% y-o-y rise in revenues to USD 934.9 mn in 2Q 2022, with net income of USD 20.8 mn (down 13% in a high-inflation environment), according to its latest earnings release (pdf). Net income in the period was up nearly 60% over 1Q 2022, the company noted. OC\u2019s EBITDA margin […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7208],"tags":[2345,130,302,409,72,363],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-549069","post","type-post","status-publish","format-standard","hentry","category-earnings-watch","tag-besix","tag-construction","tag-earnings","tag-earnings-watch","tag-enterpriseam","tag-orascom-construction","wpautop","entry"],"acf":{"mongo_id":"00e1caf7-c51f-41c9-bd92-abcf5c7c6c4d","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[549059],"teaser":"","voice_url":""},"yoast_head":"\nOrascom Construction sees profitability improve q-o-q in 2Q 2022 as US margins improve; eyes new infrastructure and data center projects - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/01\/orascom-construction-sees-profitability-improve-q-o-q-in-2q-2022-as-us-margins-improve-eyes-new-infrastructure-and-data-center-projects\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Orascom Construction sees profitability improve q-o-q in 2Q 2022 as US margins improve; eyes new infrastructure and data center projects\" \/>\n<meta property=\"og:description\" content=\"Orascom Construction (OC) reported an 8% y-o-y rise in revenues to USD 934.9 mn in 2Q 2022, with net income of USD 20.8 mn (down 13% in a high-inflation environment), according to its latest earnings release (pdf). Net income in the period was up nearly 60% over 1Q 2022, the company noted. 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