American multinational business Parsons buys $475 million worth of contracts from Saudi Arabia and the UAE. The contracts are for work in technology, defense, intelligence, and infrastructure engineering. In Saudi Arabia in the fourth quarter of 2024, the business won two big deals worth a total of $275 million.

The work that goes along with these contracts should be done in three years. In the same quarter, Parsons also booked the first option period for both of these deals. The company got a follow-on program and a construction management deal in Dubai earlier this year. The value of these contracts was over $200 million.

President and CEO of Parsons, Carey Smith, stressed the company’s ongoing success by saying that they keep getting new business in a wide range of markets and segments. In the fourth quarter, Parsons won six single-award contracts, each worth more than $100 million. This brings the total number of single-award contracts won by the company this year to 15, which is the same number as the previous high point set in 2023.

Smith talked about how important the Dubai deal was, saying that it showed how strong Parsons’ entire Middle East portfolio is and how quickly its business is growing in the UAE. Smith said that 2024 was a great year for the company’s finances, with records set in total revenue, adjusted EBITDA, adjusted EBITDA margin, operating cash flow, contract win rates, and contract awards.

Organic revenue rise of more than 10% for the company every quarter for the past two years. Smith said that organic sales growth was over 20% and adjusted EBITDA growth was over 30% for the second year in a row. This shows that Parsons is managing their business well and working to increase their margins.

Parsons said that their total revenue rose by 16% in the fourth quarter, hitting $1.7 billion. This growth was mostly due to organic growth that went up by 14%, along with help from acquisitions, mostly in the critical infrastructure security and cyber markets.