Orascom Construction announces 42 per cent rise in profits

24 April 2008
Orascom Construction Industries has reported a 42.5 per cent increase in net profit to $661.8m in its results for 2007, released on 24 April.

Earnings before interest, tax, depreciation and amortisation from continuing operations, which excludes cement operations which were sold during the year, rose by 6.4 per cent to $349.8m.

Orascom won a record $4.8bn-worth of contracts in 2007, an 84.1 per cent increase on the previous year. The results also showed that 79 per cent of the company’s revenue was generated outside Egypt.

In December, Orascom sold its cement business to France’s Lafarge in a deal worth $14.9bn. According to Orascom's chief executive officer, Nassef Sawiris, the sale has allowed the firm to focus on its fast-growing construction services and fertiliser businesses.

In February, Orascom acquired Egyptian Fertilizers Company from the UAE’s Abraaj Capital for cash and shares worth $1.59bn.

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