Orascom Construction PLC Reports H1-2023 Earnings: Net Profit Surges to USD 132 Million, Consolidated Backlog Reaches USD 5.5 Billion
Orascom Construction PLC (ORAS) has released its earnings report for the first half of fiscal year 2023, showcasing remarkable financial performance. The company's net profit for H1-2023 surged to USD 132 million, representing a significant increase of 228% year-on-year and 268% quarter-on-quarter, compared to USD 40.5 million in H2-2022.
In addition to the impressive net profit growth, Orascom Construction PLC also announced its consolidated backlog as of June 30, 2023. The consolidated backlog stood at USD 5.5 billion, highlighting the company's robust project pipeline and strong market position. Moreover, when considering the pro forma backlog, which includes Orascom's 50% share in BESIX, the backlog reaches an impressive USD 8.5 billion.
The company's successful bid for new projects further contributes to its positive outlook. Orascom Construction PLC secured consolidated new awards amounting to USD 1.6 billion in H1-2023. When including the pro forma new awards, which incorporate Orascom's 50% share in BESIX, the total new awards reach USD 2.6 billion.
Get the Full Earnings Report From ORAS below
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