Egyptian contractor Orascom Construction has recorded a huge growth in profits, reaching $23m in the first quarter of this year, compared with $5.8m in the same period last year.

The firm also saw its revenues grow by 13 per cent in the first three months of this year, compared with the same period in 2015.

A statement released by Orascom Construction says revenues reached $972.9m, compared with $857.9m in the first quarter of 2015.

The company’s revenues in the Middle East sat at $516.9m, while US revenues reached $456.3m.

Orascom Construction says it signed contracts for more civil work and the third phase of Cairo Metro Line 3 in the second quarter of the year.

The firm has been able to improve its financial performance as Egypt’s projects boom gathers pace. It has won several infrastructure, water and civil deals involving the proposed New Capital City.

According to regional projects tracker MEED Projects, Egypt has an active market worth $364.9bn. This includes $140bn of schemes under execution, $150bn under study, $12.1bn at the main contract bid stage, $12.1bn at the prequalification stage and $50bn in the design phase.

Orascom Construction is dual-listed on Nasdaq Dubai and the Egyptian Exchange.