Salini Impregilo's Middle East wins top $8.5bn

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Source:  http://www.constructionweekonline.com

Salini Impregilo, the Italian construction company said that it has picked up $12.4bn (€9.2bn) worth of new business in the first nine months of 2013 – $8.5bn (€6.3bn) of which was from contracts in the Middle East and North Africa region.

The company’s major project wins thus far in 2013 include its $4.5bn (€3.6bn) win for Line 3 of the Riyadh Metro in a consortium including Ansaldo, Nesma & Partners, Larsen & Toubro and Bombardier.

It has also secured a $2.4bn (€1.8bn) deal to lead a consortium building the Red Line North of the Doha Metro, and a $1.2bn (€845m) contract to build the new Libyan Coastal Motorway.

The contract wins have helped to boost the company’s project backlog by more than 50% when compared to September 30, 2012. It now stands at $34.4bn (€25.6bn).

During the nine-month period, revenues remained largely flat at $2.3bn (€1.7bn), but its profitability improved, with the firm declaring a net profit of $1.8bn (€1.37bn), compared to a loss of $27m (€20m) last year. More info