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| OCI announces solid results for FY 2008 Egypt's Orascom Construction Industries (OCI) announced results for FY 2008 ended 31 December 2008. OCI's board of directors has approved an interim cash dividend of US$ 1 per ordinary share. Consolidated revenue grew 56.2% to US$ 3,720.3 million (EGP 20,270.1 million) versus US$ 2,381.6 million (EGP 13,481.7 million) in FY 2007 which excludes the divested cement operations. EBITDA rose 151.1% to US$ 878.1 million (EGP 4,784.3 million) versus US$ 349.8 million (EGP 1,979.9 million) in FY 2007. Net income including the gain on sale of a 45% stake in Sokhna Port Development Company was US$ 985.0 million (EGP 5,366.8 million). Net income from continued operations increased 229.9% to US$ 719.8 million (EGP 3,921.9 million) versus US$ 218.2 million (EGP 1,235.1 million) in FY 2007. Summary of Consolidated Results for the Fourth Quarter 2008: Consolidated revenue was US$ 1,018.0 million (EGP 5,546.5 million). EBITDA was US$ 147.3 million (EGP 802.4 million). Net Income of US$ 74.5 million (EGP 406.0 million). Consolidated backlog reached US$ 6.93 billion, reflecting growth of 31.7% over the backlog as at 31 December 2007 and 8.9% lower than the previous quarter. write your comments about the article :: © 2009 Construction News :: home page |