(Ecofin Agency) - Orascom Construction Ltd, a company that conducts industrial infrastructure works in MENA area and the USA, announced in a statement posted yesterday that it has received new orders valued at $650 million during the fourth quarter of 2017.

According to the group, a major part of these orders ($580 million) was from Egypt-based companies operating in renewable energy and building. In addition, it has received another $70 million to carry out other projects.

The impact of these new orders on its 2017 financial performance is to follow. During Q3, 2017, Orascom realized a $805 million turnover, down by 16.4% compared to the same period in 2016. Moreover, at Sep. 30, 2016, the company’s turnover was $2.8 billion, down by 4.8% from 2017.

Chamberline Moko