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OCI reports 51% backlog growth to $7.2bn - Daily News Egypt

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OCI reports 51% backlog growth to $7.2bn

Orascom Construction Industries (OCI) reported a 51% backlog growth to $7.2bn, and its earnings before interest, taxes, depreciation, and amortisation (EBITDA) amounted to $64m in quarter two (Q2) of 2015


Orascom Construction Industries (OCI) reported a 51% backlog growth to $7.2bn, and its earnings before interest, taxes, depreciation, and amortisation (EBITDA) amounted to $64m in quarter two (Q2)  of 2015.

Robust backlog growth amounted to $7.19bn as of 30 June 2015 with $2.56bn from contracts signed in Egypt, Saudi Arabia and the US during Q2 of 2015, according to a press release from OCI Sunday.

The statement said that improved operational performance led to $1.02bn in revenue, with a 6.2% EBITDA margin in Q2 of 2015.  The net income attributable to shareholders amounted to $34m in Q2 of 2015.

“Consolidated backlog as of 30 June 2015 grew 51% Y-o-Y to $7.19bn, while new awards during the Q2 rose to 65% Y-o-Y to $2.56bn,” the statement read. “Significant new awards in the infrastructure space grew the sector’s contribution to 63% of total backlog.”

CEO of OCI Osama Bishai said that Egypt accounted for 43% of the total revenue, led by the fast-track emergency power plant projects, while the US contributed 49%, approximately half of which is attributable to projects for OCI N.V.

OCI signed new contracts during Q2 of 2015 in the transportation sector in Egypt, including airports, roads and bridges. In addition, the company built on its strong track record in the power sector by signing €1.6bn to build two combined-cycle power plants in Egypt with a total capacity of 9,600 MW.

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https://www.dailynewsegypt.com/2015/08/31/oci-reports-51-backlog-growth-to-7-2bn/
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