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Orascom Construction, the Cairo-based construction giant controlled by Egypt’s wealthiest family, the Sawiris family, has announced a robust backlog of $8.1 billion and impressive revenue of $3.4 billion at the end of its 2023 fiscal year.
Cairo-based Orascom Construction, controlled by Egypt’s billionaire Sawiris family, announced a strong year-end position with an $8.1 billion backlog and $3.4 billion in revenue at the end of 2023.
The company attributed the upswing in backlog and revenue to broad-based growth across its operating segments. This positive momentum also translated to a healthy net cash position of $446.8 million as of Dec. 31, 2023. Additionally, Orascom Construction reported solid operating cash flow of $211.6 million for the year, underscoring its financial strength and operational efficiency.
BESIX, a key subsidiary, played a significant role in Orascom Construction’s success. BESIX boasted a standalone backlog of €5.1 billion ($5.5 billion), reflecting a 50-percent increase year-over-year.
Notably, new awards secured by BESIX in 2023 totaled €3.1 billion ($3.34 billion), contributing substantially to Orascom Construction’s consolidated new awards of $5.8 billion. When including BESIX’s share, pro forma new awards reached an impressive $7.4 billion, highlighting a robust project pipeline for the company.
Orascom Construction CEO Bishai credits progress to concessions, and strategic expansion
Osama Bishai, the CEO of Orascom Construction Plc, attributed the company’s tangible progress to its growing concessions portfolio and consistent execution of long-term operational and financial strategies. Bishai emphasized the importance of establishing strong fundamentals to navigate challenges, affirming the company’s preparedness for the year ahead.
Throughout 2023, Orascom Construction expanded its footprint by securing quality, internationally funded projects in Egypt and diversifying its presence in the UAE. The company also bolstered its U.S. business, particularly in growth sectors such as data centers and airports. Notably, total new awards in Q4 2023 amounted to $1.9 billion, culminating in a record backlog of $8.1 billion as of December 31, 2023.
Family-owned Orascom Construction rewards shareholders with $71.5 million in 2023
Established in 1976 by the late Egyptian businessman Onsi Sawiris, Orascom Construction remains majority-owned by the Sawiris family. Their private investment firm, OS Private Trust Company, holds a 51.8 percent stake. Nassef Sawiris, Egypt’s wealthiest person and one of Onsi’s sons, further strengthens family influence with a significant 28.97 percent ownership stake.
A leader in multinational engineering and construction, Orascom continues to solidify its position across the Middle East, Africa, and the United States, charting a promising course for future growth. Demonstrating its commitment to shareholder returns, Orascom Construction distributed a $0.2750 dividend in October 2023. This brought its total capital returned to shareholders in 2023 through dividends and share buybacks to $71.5 million.
