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Wednesday, 22 November 2017

OC reports 3Q2017 results

EARNINGS WATCH- Our friends at Orascom Construction Limited (OC) reported net income attributable to shareholders in 3Q2017 of USD 22.4 mn, down from USD 26.0 mn in the comparable period last year. Revenues came in 16.3% lower y-o-y at USD 805.4 mn compared to USD 962.1 mn in 3Q2016. The company’s consolidated backlog as of 30 September 2017 stood at USD 4.8 bn, with new awards standing at USD 1.5 mn. “This current backlog marks an increase over the closing backlog level of USD 4.7 bn as of 30 June 2017. In addition, the Group signed new contracts amounting to USD 788.7 mn in 3Q2017, compared to USD 747.3 mn in 1H2017.” Infrastructure and industrial work make up the bulk of the backlog, accounting for 81% of the total. In Egypt, OC added c. USD 550 mn in new awards for the 3Q2017 period across a number of sectors, including transport, water treatment, power, as well as projects in the new administrative capital and New Alamein city. “The Group is playing a leading role in the construction of the New Administrative Capital and Alamein cities, and is currently executing select projects such as the cultural center.”

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