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| Orascom Construction Revenue Grew 33% in 2005 Orascom Construction Industries announced consolidated revenue of LE 11, 366.6 million with earnings before interest, tax, depreciation and amortization (EBITDA) of LE 2,683.3 million and net income of LE 1,700.2 million for the year ended 31 December 2005. The consolidated results included LE 29.3 million in eliminations of profits from construction services rendered to subsidiaries and LE 73.1 million in foreign exchange losses as a result of a stronger Egyptian pound during the year. During 2004, OCI reported consolidated revenue of LE 8,555.8 million with EBITDA of LE 2,221.1 million and net income of LE 1,101.3 million which included LE 1.5 million in foreign exchange losses. For the fourth quarter ended 31 December 2005, OCI reported consolidated revenue of LE 3,096.3 million with an EBITDA of LE 655.6 million and net income of LE 425.7 million. During the same quarter last year, OCI reported consolidated revenue of LE 2,383.8 million with EBITDA of 614.9 million and net income of LE 275.5 million. OCI Chief Executive Officer, Nassef Sawiris commented "Our Cement Group has witnessed the first of several transformational years. This year we launched four greenfield projects in four countries all of which share a strong cement consumption outlook. The four projects located in Northern Iraq, United Arab Emirates, Algeria and Nigeria will have a combined annual cement capacity of 9 million tons and will have a positive impact on our future performance. Also during the year, OCI acquired a controlling stake in a grinding plant in Spain with an aim to capitalize on the significant disparities in manufacturing costs between North Africa and Europe. Going forward, the Spanish grinder will rely on lower cost emerging market suppliers from within the Group. During the second quarter 2006, the OCI Cement Group will add a total of 6 million tons of cement capacity with the start-up of Egyptian Cement's new bypass line, Pakistan Cement's first production line and the second production line at the leased Tasluja plant in northern Iraq. Our Construction Group continues to play an instrumental role in the execution of OCI-developed projects and in identifying high-return investment opportunities. Construction operations have maintained their growth momentum with a 32% rise in revenue and steady margins during the year. The consolidated backlog as at 31 December 2005 reached US$ 2.7 billion, up 51% from the same time last year in dollar terms, and reflects a bullish domestic and regional outlook." write your comments about the article :: © 2006 Construction News :: home page |