EARNINGS WATCH- Orascom Construction (OC) reported net income attributable to shareholders in 2Q2018 (pdf) of USD 50.6 mn, up 113.5% y-o-y from USD 23.7 mn in the comparable period last year. Revenues came in 20.8% lower y-o-y at USD 750.1 mn compared to USD 947.2 mn in 2Q2017, which is “mainly attributable to the completion of two large chemical plants in the U.S.” The company’s consolidated backlog as of 30 June 2018 stood at USD 4.2 bn, with new awards standing at USD 997.9 mn. Infrastructure and commercial work made up the bulk of the backlog, accounting for 96% of the total. In Egypt, “the Group remains a key player across several segments including transportation, the New Administrative Capital and Alamein city, and is benefitting from its strong positioning in other growing sectors such as water treatment and desalination.” OC paid a USD 30 mn dividend to shareholders in July, CEO Osama Bishai noted.

OC-built Natgasoline passes key checkpoint: Natgasoline, the largest methanol production facility in the US, received provisional acceptance after passing licensor performance tests, Orascom Construction announced yesterday (pdf). OC had completed mechanical works at the facility, located in Beaumont, Texas, in April. The main contractor for the project was Orascom Engineering & Construction USA.