Orascom Construction (OC) reported USD 113.4 mn in net income attributable to shareholders in 2021, up 29% y-o-y, according to its financials (pdf). Revenues rose 5% from 2020 to USD 3.5 bn. In 4Q, the company reported a 43% increase in net income attributable to shareholders to USD 37.1 mn, on revenues of USD 1 bn, up 8% on 4Q 2020, the company said in its earnings release (pdf).

OC’s consolidated backlog rose 12% y-o-y to USD 6.1 bn in 2021, with new awards rising 22% for the year, but dipping 13% y-o-y in 4Q 2021. Egypt accounted for the lion’s share of the company’s backlog, comprising 71% of the total, followed by the US (22%) and Saudi Arabia (3%). Pro forma backlog including OC’s 50% share in Besix rose 10% y-o-y to USD 8.9 bn in 2021.

“We maintained our record backlog achieved in the previous quarter, highlighting our successful efforts in pursuing quality projects across sectors,” company head Osama Bishai said. Egyptian projects played a major part in the growth, with the company signing contracts for transport projects, water infrastructure, and the Egypt-Saudi interconnection project. OC signed USD 2 bn-worth of new awards in the Middle East during the year.