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Wednesday, 23 May 2018

OC JV signs notice to proceed with USD 320 mn wastewater plant in Abu Rawash

OC JV signs notice to proceed with USD 320 mn wastewater plant in Abu Rawash: Orascom Construction’s joint venture with FCC Aqualia signed a notice to proceed with the construction of the USD 320 mn wastewater treatment plant in Abu Rawash, the company said in a press release on Tuesday (pdf). The 50:50 JV was awarded the EPC contract for the plant back in September 2017. “The joint venture will operate and maintain the 1.6 mcm/d facility for three years. Once complete, the facility will serve 6 mn people,” the company added. The project is getting USD 150 mn in funding from the African Development Bank.

EARNINGS WATCH- OC also reported a 13.9% y-o-y increase in net income attributed to shareholders in 1Q2018 to USD 31.9 mn, up from USD 28.0 mn during the comparable period last year. Revenues came in 29.0% lower at USD 756.8 mn, compared to USD 1,065.7 bn in 1Q2017. The company’s consolidated backlog as of 31 March 2018 stood at USD 4.3 bn, with new awards standing at USD 332.9 mn. “The current backlog mix and size provides the Group with sufficient revenue and profitability as it pursues an active bidding pipeline in MENA and USA.” Infrastructure and commercial work make up the bulk of the backlog, accounting for 96.5% of the total. In Egypt, OC “signed additional infrastructure and commercial work, strengthening its position as a leading player in all major construction segments … and positioning the Group for more projects in growing sectors such as water, transportation and renewable energy.”

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