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Monday, 26 April 2021

OC is having a good quarter

The EGX30 fell 0.7% at today’s close on turnover of EGP 985 mn (23.5% below the 90-day average). Regional investors were net sellers. The index is down 3.0% YTD.

In the green: Qalaa Holdings (+2.0%), Eastern Co. (+1.6%) and ElSewedy Electric (+1.1%).

In the red: Oriental Weavers (-16.2%), Telecom Egypt (-6.1%) and MM Group (-3.4%).

Orascom Construction nets USD 650 mn in awards in 1Q2021: Our friends at Orascom Construction (OC) added USD 650 mn in new awards to its backlog during the first quarter of 2021, the company said in a press release (pdf) this morning. Some 85% of awards during the quarter were for projects in Egypt, while the remainder came from projects in the US. OC’s estimated consolidated backlog was valued at USD 5.3 bn by the end of the quarter.

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