Orascom Construction is adding $ 935 million to new contracts

Orascom Construction is adding $ 935 million to new contracts

Orascom Construction Construction (OC) has added new contracts worth $ 935 million to the value of projects under construction during the second quarter of this year.

The total value of new contracts during the first half of this year was US $ 1.4 billion.

The value of new contracts represents an increase of 40% and 42% compared to last year during the second quarter of 2019 and the first half of 2019, respectively.

Egypt represents 50% of the total value of new contracts during the second quarter of 2019, as the Group strengthened its position as a leader in the development of the infrastructure sector in Egypt.

The company added that the most important new projects include the establishment of the largest water treatment plant in Egypt and many new projects in the road sector.

The company’s projects in the United States of America recorded 50% of the value of new contracts, which is the highest value of new contracts achieved since the third quarter of 2016.

The group added new projects in its key sectors, including commercial buildings and light industry, and signed new contracts in the growing data center sector.

The value of projects under backlog amounted to US $ 4.6 billion on June 30, 2019 compared to US $ 4.2 billion as of June 30, 2018.

The Ordinary General Assembly of Orascom Construction approved a dividend of 30 cents per share on last year’s earnings.

The consolidated financial statements for the year ended and the auditor’s report for the period.

And approved the re-election of Osama Bashay as Managing Director, the appointment of Victor Slionski as non-executive board member rather than Mustafa Abdel-Wadud, and the re-election of Khaled Bishara as a non-executive board member.

The General approved the amendment of the new Articles of Association of the Company in order to amend the new name and the Company’s Articles of Association as an alternative to the current Statutes.

The company added new contracts worth $ 475 million to the value of projects under implementation during the first quarter of 2019, to $ 4.2 billion.

The projects implemented in the Arab Republic of Egypt amount to 75% of the total value of new contracts, which include the implementation of projects in infrastructure sectors, seaports, roads and buildings in the new administrative and administrative cities of the capital.

While the United States of America, which accounts for 25% of the buildings and data centers sectors, which are implemented for the benefit of private clients.

Earlier, the company added new contracts worth $ 825 million to its projects under implementation during the fourth quarter of 2018.

The new projects in Egypt and Africa accounted for about 60% of the value of new contracts in the fourth quarter of last year, while new projects in the United States of America recorded the rest of the value of new contracts.

The total value of new contracts for the group reached $ 2.3 billion in 2018, with the projects expected to reach $ 4.2 billion by the end of last year.

Orascom Construction Limited revealed its total target revenue by the end of fiscal year 2018, which is between $ 3 billion and $ 3.5 billion.

The company stressed that the projects under implementation target of about 4 to 4.5 billion dollars.

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