Orascom Construction (OC) reported a 20.1% y-o-y rise in revenues to USD 3.05 bn in 9M 2022, according to its latest earnings release (pdf). Net income recorded USD 57.8 mn in the first nine months of the year (down 24.0% y-o-y.) The construction giant's revenues were up 32.7% y-o-y to post USD 1.1 bn in the third quarter of 2022, while net income during the July-September period was down 15.8% y-o-y at USD 23.9 mn. Earnings were impacted in both 9M and 3Q by the performance of Belgium-based subsidiary Besix, as well as “higher net financing costs,” according to the release.

OC’s consolidated backlog was down 4.9% y-o-y to USD 5.7 bn as of the end of September. OC attributed the dip to the fact that the figure was calculated based on the EGP-USD rate as of 31 October, to account for the devaluation of the EGP by the central bank on 27 October. Consolidated new awards increased 10.6% y-o-y to USD 3.1 bn in 9M 2022, despite a 29.6% y-o-y drop in new awards in 3Q. Egypt accounted for 68.4% of the company’s backlog, followed by the US (24.9%) and Saudi Arabia (2.2%). OC’s pro forma backlog including its share in Besix decreased 5.1% y-o-y to USD 8.4 bn at the end of 3Q.

What they said: OC continues to prioritize “project execution, controls, supply chain and collections as the company is “still facing a challenging operating climate,” CEO Osama Bishai said in the release. We discussed OC’s moves to expand its renewable energy business, among other topics, when we sat down with Bishai during COP27 for the Enterprise Climate CEO poll.