Orascom Construction consolidated earnings before interest, tax, depreciation and amortization (EBITDA) increased 26.8% to record $142.4m in the first half of 2019 (1H 2019), the company revealed in Tuesday press statement.
Additionally, pro forma EBITDA including 50% in BESIX increased 15.6% y-o-y to $176m in H1 2019.
In regards to the net income attributable to shareholders, the company revealed that they achieved $31.3m in Q2 2019 and $61.5m in H1 2019, while they managed to return to a net cash position of $69.2m as of 30 June 2019 and positive operating cash flow of $140.5m in Q2 2019.
Furthermore, Orascom Construction’s consolidated backlog grew 9.4% y-o-y to record $4.6bn, while the pro forma backlog including 50% share in BESIX increased 19.3% y-o-y to $7.3bn as of 30 June 2019.
BESIX reports a standalone backlog of €4.8bn billion and new awards of €1.7bn in H1 2019.
Orascom Construction CEO Osama Bishai said that they distributed a second consecutive annual dividend to shareholders in July of $0.30 per share, reflecting a 15% increase over the previous year’s dividend.
“We witnessed healthy backlog growth of 9.4% to$ 4.6bn as new awards in 1H 2019 increased 41.8%, driven by quality new awards in the Middle East and the United States. Among these projects are the largest water treatment plant in Egypt, roads and infrastructure work in Egypt and data centre projects in the United States,” he explained.
Bishai added that the company announced earlier this month the signing of a contract with Bombardier Transportation and Arab Contractors to design, build, operate and maintain two monorail lines in Egypt for a total value exceeding $4.5bn. “Our share of this contract is close to $900m.”