{"id":617530,"date":"2024-03-24T00:00:00","date_gmt":"2024-03-24T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/24\/orascom-construction-reports-net-income-rise-as-backlog-records-record-high\/"},"modified":"2024-03-24T00:00:00","modified_gmt":"2024-03-24T00:00:00","slug":"orascom-construction-reports-net-income-rise-as-backlog-records-record-high","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/24\/orascom-construction-reports-net-income-rise-as-backlog-records-record-high\/","title":{"rendered":"Orascom Construction reports net income rise as backlog records record high"},"content":{"rendered":"

Orascom Construction sees net income rise despite falling revenue in USD on the back of<\/strong> EGP depreciation:<\/strong> Orascom Construction\u2019s net income rose 39.7% y-o-y to USD 158.6 mn in 2023, the company said in an earnings release (<\/a>pdf<\/a>)<\/a>. The construction giant recorded revenues of USD 3.4 bn in 2023 \u2014 a 19.4% y-o-y decrease \u2014 which the company attributed to the devaluation of the EGP as its figures are denominated in USD.<\/p>\n

On a quarterly basis:<\/strong> The company\u2019s revenues dipped 10.9% y-o-y to USD 1 bn in 4Q 2023, which contributed to a 21.5% y-o-y drop in net income to USD 43.8 mn in the same period.<\/p>\n

Backlog hits historic high, new awards triple in 4Q: <\/strong>Projects in Egypt accounted for 68.3%of Orascom Construction\u2019s total consolidated backlog, which rose 45.7% y-o-y to reach a record USD 8.1 bn in 2023. The company\u2019s new awards rose 234.3% y-o-y in 4Q to USD 1.9 bn, driving new awards up 58.8% y-o-y to USD 5.8 bn in 2023. Egypt projects constituted 66% of the company\u2019s new awards in 4Q.<\/p>\n

The float may shake things up: <\/strong>Orascom Construction\u2019s backlog figures are calculated based on the official exchange rate as of 31 December 2023. Should the EGP come to settle at 50 to the greenback following the float<\/a>, the company\u2019s 2023 backlog figures would be c.8.2% lower at USD 7.4 bn, the statement said. The EGP currently stands around 46 to the greenback according to the current official rate.<\/p>\n

Looking forward:<\/strong> \u201cWe continue to deliver consistent results as we execute our long-term operational, financial, and capital allocation strategies. We also believe that we have established the right fundamentals that have allowed us to navigate the current environment and position us well for the challenges of 2024,\u201d company CEO Osama Bishai said.<\/p>\n","protected":false},"excerpt":{"rendered":"

The company\u2019s new awards rose 234.3% y-o-y in 4Q to USD 1.9 bn<\/p>\n","protected":false},"author":1,"featured_media":617531,"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":[130,409,72,7111,363],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-617530","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-watch","tag-construction","tag-earnings-watch","tag-enterpriseam","tag-infrastructure","tag-orascom-construction","wpautop","entry"],"acf":{"mongo_id":"80209566-2f4c-4404-bc8f-bb64122136da","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/3\/2032.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egypt\u2019s Orascom Construction reports net income rise in 2023 as backlog records record high","related_issue":[617514],"teaser":"The company\u2019s new awards rose 234.3% y-o-y in 4Q to USD 1.9 bn","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/3\/.6aafd6a9-c055-4ee5-ad63-0704585215e7.mp3"},"yoast_head":"\nOrascom Construction reports net income rise as backlog records record high - 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The construction giant reported a USD 13.1 mn profit in the January-March quarter, down from USD 23.9 mn last year, as Belgium-based construction group\u2019s losses widened to USD\u2026","rel":"","context":"In "EARNINGS WATCH"","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/5\/281.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":570355,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/29\/earnings-watch-orascom-construction-profits-dip-16-2-y-o-y\/","url_meta":{"origin":617530,"position":5},"title":"Earnings watch: Orascom Construction profits dip 16.2% y-o-y","author":"enterpriseam admin","date":"29 March 2020","format":false,"excerpt":"EARNINGS WATCH- Orascom Construction profits dipped 16.2% y-o-y in 2019 to USD 121.3 mn, compared to USD 144.7 mn the previous year, the company said in its earnings release (pdf). Revenues for the year increased 5.7% to USD 3.184 bn. The company attributed the drop in profits to higher net\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/617530","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=617530"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/617530\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/617514"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/617531"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=617530"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=617530"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=617530"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=617530"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=617530"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}