Egypt’s Orascom Construction releases 3Q2018 results
EARNINGS WATCH- Construction giant Orascom Construction announced overnight (pdf) like-for-like net income of USD 69.1 mn in 3Q2018 (up more than 208% year-on-year) on revenues of USD 2.2 bn. The adjusted net income figure reflects a one-time provision one-off provision for a case in the United States involving a subcontractor at OC’s now-completed Iowa fertilizer project. The contractor also declared a consolidated backlog of USD 4.2 bn and a pro-forma backlog, including its 50% share of Besix, of USD 6.1 bn as of 30 September. Consolidated new awards stood at USD 1.5 bn (or a pro-forma figure of USD 2.7 bn including the 50% share of Besix) as of the same date. “Our third quarter results highlight the consistent performance of our recurring operations. Our efforts to focus on execution and project controls in the MENA business continue to be successful, and we believe that similar efforts already underway in our U.S. operation will start to pay off next year,” said CEO Osama Bishai. The USD 4.2 bn backlog is made up of “quality projects that provide us with our targeted visibility of 16-20 months,” Bishai added. OC also released its results presentation here (pdf).