Data centres and aviation drive record backlog for Orascom’s US business
28 August 2024
Orascom and Arab Contractors have been responsible for building a monorail from East Cairo to the Egypt’s New Administrative Capital (Image courtesy of Orascom)
A strong performance in its US businesses made up for shrinking revenues in the Middle East and Africa (MEA) during the first half of 2024 at Egypt-based construction company Orascom.
Orascom reported a 5.5% decline in revenue for the six months to 30 June, to just under US$1.5 billion. Revenue in the MEA fell 24.5% to $681.2 million but that was offset by a 20.3% increase in the US.
Revenue from Orascom’s US businesses, which include Iowa-based Weitz Company and Virginia-based former Weitz subsidiary Contrack Watts, accounted for more than half of the total revenue generated by Orascom Construction in H1 2024, at $796.2 million.
Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) increased 83% in the US to $23.4 million and by 14.2% in MEA to $51.4 million.
Orascom’s total order backlog stands at $7.7 billion, with US orders at a record level of $1.9 billion, led by expansion in the data centre and aviation sectors.
The company’s share of the order backlog at Belgian contractor BESIX, in which it holds a 50% stake, was €6.8 billion ($7.6 billion).
