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Orascom Construction, owned by Egypt’s wealthiest family, the Sawiris family, reported $8.1 billion in backlog and $3.4 billion in revenue for the fiscal year ending 2023.
Cairo-based Orascom Construction, owned by Egypt’s billionaire Sawiris family, reported a good year-end position with a $8.1 billion backlog and $3.4 billion in sales at the end of fiscal year 2023.
The company attributed the increase in backlog and sales to broad-based growth across all operating segments. This good momentum resulted in a strong net cash position of $446.8 million as of December 31, 2023. Furthermore, Orascom Construction achieved a strong operating cash flow of $211.6 million for the year, demonstrating its financial stability and operational efficiency.
BESIX, a crucial subsidiary, contributed significantly to Orascom Construction’s success. BESIX reported a standalone backlog of €5.1 billion ($5.5 billion), representing a 50% increase year on year.
Notably, new awards achieved by BESIX in 2023 reached €3.1 billion ($3.34 billion), contributing significantly to Orascom Construction’s total new awards of $5.8 billion. When BESIX’s share is included, pro forma new awards total $7.4 billion, indicating that the corporation has a healthy project pipeline.
Osama Bishai, CEO of Orascom Construction PLC, attributed the company’s significant achievement to its expanding concessions portfolio and constant implementation of long-term operational and financial plans. Bishai stressed the necessity of having strong fundamentals to overcome obstacles, reaffirming the company’s readiness for the coming year.
In 2023, Orascom Construction increased its footprint by acquiring quality, internationally funded projects in Egypt and diversifying its presence in the UAE. The corporation also expanded its operations in the United States, notably in high-growth industries like data centers and airports. Notably, total new awards in Q4 2023 reached $1.9 billion, resulting in a record backlog of $8.1 billion as of December 31, 2023.
Established in 1976 by the late Egyptian industrialist Onsi Sawiris, Orascom Construction is still majority-owned by the Sawiris family. Their private investment entity, OS Private Trust Company, owns a 51.8% share. Nassef Sawiris, Egypt’s wealthiest individual and one of Onsi’s sons, expands family dominance with a major 28.97 percent ownership share.
Orascom, an international engineering and construction company, is strengthening its position in the Middle East, Africa, and the United States, paving the way for future expansion. Orascom Construction paid out a $0.2750 dividend in October 2023, demonstrating its commitment to shareholder returns. This increased the total money paid to shareholders in 2023 via dividends and share buybacks to $71.5 million.
