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Wednesday, 3 August 2022

Orascom Construction’s new awards rise 55% y-o-y in 2Q 2022 thanks to high-speed rail contract

Orascom Construction (OC) saw new awards rise 55% y-o-y in 2Q 2022 to hit USD 1.8 bn, the company said in a statement (pdf), bringing new awards for the first half of the year to USD 2.4 bn. The company's total consolidated backlog now sits at c. USD 6.4 bn.

High-speed rail is big for OC: The contractor in May signed a contract along with Siemens Mobility and Arab Contractors for the second phase of the planned 2k-km high-speed rail line, in which OC’s share is worth USD 1.2 bn. Some 70% (or USD 1.26 bn) of the new awards in 2Q 2022 were for local projects, while the remaining 30% were for US-based projects, according to the release.

Shareholders approve dividend payout: OC will distribute USD 27 mn worth of dividends this month after shareholders yesterday approved plans to pay out USD 0.2313 per share on 24 August, the company said in a regulatory filing (pdf) yesterday. Investors with shares in OC on the Nasdaq Dubai will receive their dividends in USD, while those with shares in the EGX will receive them in EGP.

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