EARNINGS WATCH- Orascom Construction profits rose 10.7% y-o-y in 3Q2019 to USD 32.2 mn, compared to USD 29.1 mn a year earlier, the company said in its earnings release (pdf). On a nine-month basis, however, net income “was negatively impacted by higher net financing costs in Egypt” in 1H2019, dropping 16% to USD 93.7 mn. The company managed to reduce its net financing costs at the end of 2Q and throughout 3Q2019, according to the release. Revenues increased 8.3% y-o-y to USD 789.6 mn in 3Q2019, while consolidated EBITDA in 9M2019 rose 16.9% y-o-y.

OC’s consolidated backlog excluding Besix increased 25.2% y-o-y to USD 5.3 bn as of 30 September 2019. Consolidated new awards soared 158% to USD 1.3 bn in 3Q2019. Including the group’s 50% share in Besix, pro forma backlog as of 30 September 2019 rose 26.2% y-o-y to USD 7.7 bn. Pro forma new awards rose 116.8% y-o-y to USD 1.6 bn during 3Q2019. “These new contracts are comprised of quality, well-funded projects across several exciting sectors including transportation, water and data centers in Egypt and the United States as we also pursue further opportunities in new and existing markets,” said CEO Osama Bishai.