Egypt’s Orascom Construction has reversed its loss-making run, having reported $23 million in net profits in the first quarter of 2016.

The figure marks a turnaround given its $334.4 million loss for 2015 as a whole, and is up from the $5.8 million net profit it made during the same period last year.

The Cairo and Dubai-listed construction firm said in a statement to the Nasdaq Dubai exchange that it had signed new contracts worth $510.4 million in Egypt, Algeria and the USA during the first quarter.

“Our Q1 2016 results mark the Group’s return to profitability and growth,” said Orascom Construction CEO Osama Bishai.

“In Egypt, we are pleased with the excellent progress of our large power and transportation projects, and continue to add new work in our competitive sectors. We recently signed contracts during the second quarter to undertake the civil and track works of the third phase of Cairo Metro Line III and are well-positioned for additional projects across the infrastructure, industrial and commercial sectors including the new administrative capital.”