Parsons snaps up $475m Saudi Arabia, UAE contracts

20/02/2025 14:00 AST

Parsons has announced that it had secured major contracts worth $475 million from the key markets of Saudi Arabia and UAE during the fourth quarter of 2024.

An American multinational technology-focused defence, intelligence, and infrastructure engineering company, Parsons said it snapped up two contracts worth $275 million in Saudi Arabia during the fourth quarter of 2024.

The entire work will be completed in three years. The company also booked the first option period on both awards in Q4.

Parsons said early this year, it was awarded a follow-on programme and a construction management contract in Dubai valued at over $200 million.

"Parsons continues to win new business across both segments and all six end markets. During Q4, we won six single-award contracts worth more than $100 million each, bringing Parsons' total to 15 contract wins worth more than $100 million for the full year, matching the company's record in 2023," said its President and CEO Carey Smith, as she released the company's financial results.

The Dubai win highlights the strength of Parsons' entire Middle East portfolio and the acceleration in its UAE business, she noted.

On the financial results, Smith said: "2024 was another exceptional year for Parsons. We achieved record results for total revenue, adjusted ebitda, adjusted ebitda margin, operating cash flow, contract win rates, and contract awards."

"We are delivering consistent results as we reported double-digit organic revenue growth every quarter for the last two years," she stated.

"We also achieved organic revenue growth of more than 20% and adjusted ebitda growth of more than 30% for the second consecutive year, demonstrating our commitment to efficiently managing the business and drive margin expansion," she added.

On its Q4 results, Smith said its total revenue surged by 16% to $1.7 billion. "This increase was driven by organic growth of 14% and contributions from acquisitions. Organic growth was primarily driven by strong growth in the company's critical infrastructure protection and cyber markets," she added.

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