Orascom Construction (OC) secured USD520mn of new awards in 3Q18 (-35% Y-o-Y, -31% Q-o-Q), with Egypt accounting for cUSD312mn (-40% Y-o-Y, -35% Q-o-Q) and the US the rest (-28% Y-o-Y and -24% Q-o-Q). New awards in Egypt came mainly across the infrastructure and wastewater treatment sectors. In the US, the company signed new projects across the private-sector commercial and light industrial sectors. This brings OC’s total awards in 9M18 to USD2,027mn (-28% Y-o-Y) and its backlog to USD4.1bn, as of September 2018. We forecast total awards of USD2,200mn for OC in 2018. BESIX secured cEUR380mn of new projects during the quarter, bringing its total new awards in 9M18 to EUR1.9bn and its backlog to EUR3.2bn, as of September 2018.
Orascom Construction Limited: EGP116.34 as of 04 Nov 2018, Rating: Buy, TP: EGP162.00/share, MCap: USD761mn, ORAS EY/ORAS.CA
Mai Attia
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