#38 Orascom Construction
Egypts Orascom Construction is targeting opportunities in the power, transport and water sectors in its home market of Egypt as profits jumped in the first quarter. The company reported a net profit of $23mn for the first three months of the year, almost four times the $5.8m profit reported in the same quarter last year.
Orascom, which owns a 50 percent share in Belgian contractor Besix, made a strong start to the year with $510m worth of new contracts during the quarter. It has reeled in a number of lucrative contracts for work on the Cairo Metro project in partnership with other companies. More than 60 percent of its backlog now comes from the Mena region 47 percent from Egypt, 10 percent from Saudi Arabia and over 3 percent from Algeria.
Osama Bishai, CEO of Orascom Construction, said following the release of the Q1 results that the company is well-positioned for additional projects across the infrastructure, industrial and commercial sectors” in Egypt. The company is also eyeing work at the countrys new administrative capital to the east of Cairo.
West Damietta and Assiut power plants