Orascom opens 2026 with $53.4 million profit as U.S. backlog doubles to $2.9 billion

Orascom Construction, the Cairo-based construction giant controlled by Egypt’s wealthiest family, the Sawiris family, delivered a strong set of Q1 2026 results, opening 2026 with profit exceeding $50 million, extending its momentum across core markets amid an accelerated push into high-growth sectors.

The Abu Dhabi- and Cairo-based engineering and construction group reported a 112.7% jump in first-quarter net profit as the group benefited from strong growth in its U.S. business, expanding data center projects, and rising infrastructure activity across the Middle East and Africa. 

Revenue growth accelerates

Net profit attributable to shareholders rose to $53.4 million in Q1 2026, up from $25.1 million a year earlier, while EBITDA doubled to $108.3 million as the company maintained a consolidated backlog of $9.4 billion as of March 31, 2026. Revenue surged 73.2% year-on-year to $1.47 billion in Q1 2026, up from $847.6 million a year earlier, driven by robust project activity across both MEA and U.S. operations.

The Middle East and Africa region contributed 51% of total revenue, while the U.S. business accounted for 49%, reflecting the group’s growing geographic balance and rising exposure to specialized sectors such as data centers and advanced manufacturing.

Record backlog and contract wins

Backlog climbed 7.5% year-on-year to $9.38 billion, reinforcing near-term revenue visibility, while consolidated new awards rose 14.9% to $1.88 billion. Including its 50% share in BESIX Group, pro forma backlog stood at $13.05 billion, with new awards of $2.20 billion for the quarter.

The U.S. business was a standout performer, with a backlog more than doubling to $2.9 billion, supported by expansion in data centers, ethanol production facilities and commercial infrastructure projects. In the Middle East, new awards were led by Saudi Arabia, Egypt and the UAE, spanning wastewater, metro and monorail infrastructure.

Regional and strategic expansion

In addition to construction activity, the group continued expanding its concessions platform, including 912.5 MW of operational wind capacity in Egypt and progress toward an additional 900 MW wind farm in the Gulf of Suez.

In Saudi Arabia, the Dammam sewage treatment plant became operational, while EPC works advanced on the Abu Dhabi Project Wave water infrastructure scheme.

Sawiris family control
Founded in 1976 by Onsi Sawiris, the company remains majority-owned by the Sawiris family through OS Private Trust Company, which holds a controlling stake. According to the latest shareholder disclosure, Nassef Sawiris retains effective control of Orascom Construction. An internal transfer of 33.8 million shares between affiliated Cyprus-based holding companies did not alter ultimate ownership, with Sawiris and related entities continuing to hold about 43.95% of the company’s issued share capital.

With a $9.4 billion backlog, accelerating U.S. growth, and increasing exposure to data centers and renewable energy, Orascom Construction PLC enters the remainder of 2026 with strong earnings visibility and a more diversified geographic footprint.