OCI posts record third quarter results

21 November 2002

Egyptian Orascom Construction Industries (OCI)has announced record third quarter results, with consolidated revenue of $173.8 million and gross profits of $47.2 million. The largest contributor to the total, at 53 per cent, was the construction group, whose consolidated revenue was $91.5 million for the third quarter. The building materials group generated $79.1 million, 45 per cent, with the rest coming from the infrastructure group. Total consolidated revenue for the year up to 30 September was $454.2 million and total gross profits $126.1 million. EBITDA was $131 million.

OCI Chief Executive Officer Nassef Sawiris said of the results: 'While continuing to be a leader in the local market, Egyptian Cement Company has established itself as a dependable and efficient exporter of international quality cement. Cement sales abroad have enabled the company to operate at peak efficiency, positively affecting its bottom line'. OCI is the majority shareholder in Egyptian Cement Company (ECC), which accounts for more than half of its EBITDA (MEED 23:11:01). ECC is to raise £E 1,000 ($715 million) through the imminent issue of one of Egypt's largest ever corporate bond issue, as part of a move to restructure its balance sheet (MEED 1:11:02). OCI is also active in Algeria through its affiliate Algerian Cement Company (MEED 7:6:02).

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