Orascom Construction sealed $9.2bn contracts in 2020

Orascom Construction said that contracts it concluded during 2020 totaled $9.2bn after it  added new ones worth nearly $920 million during the fourth quarter  of 2020.

The total value of under-execution projects is estimated at $3.5 billion by December-end.

The new projects in Egypt constitute 62 percent of the total value of the new contracts concluded during Q4-20 and mainly encompass the transport sector, while the new contracts signed in the US account for the remaining percentage and largely cover the data centres’ sector.

During the first nine months of 2020, Orascom Construction, listed on the Egyptian Exchange (EGX) and Nasdaq Dubai, reported net profits of $66.6 million, down from $100.3 million during the corresponding period last year.

The company's revenues rose during the period to $2.44bn, up from $2.28bn in the same period last year.

As regards the standalone works, the company incurred $1.9 million losses against profits of $20.65 million at the same period of 2019.