Orascom Construction’s net profits increased by 17.3% during the first nine months of 2016, to record $75.4m compared to $64.3m year-on-year (y-o-y), according to a press release on Tuesday. The company’s backlog stands at $7.5bn in nine months, an increase of 56.5% y-o-y, according to the press release. The press release added that Orascom’s 50% stake in BESIX Group contributed €1.8bn as of September, increasing to $25m. This registered $15.5m in Q3, bringing the company’s backlog to €3.3bn. “Our third quarter results emphasise our strong performance in Egypt and our ability to maintain our backlog level,” said CEO Osama Bishai.

Source: Daily News Egypt November 23, 2016 13:22 UTC