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FINANCIAL NEWS
Egypt: OCI quarterly profits rise 10.4%
27 May 2010
(MENAFN) Orascom Construction Industries (OCI), Egypt’s biggest listed firm, said that its first-quarter profit rose 10.4 percent after margins on fertiliser sales improved and construction costs were kept down, Reuters reported.
The firm expected to complete its $381 million purchase of Dutch chemicals group DSM’s fertilizer and melamine units on June 1, it said in a statement accompanying the results.
OCI said it won new construction work worth $790 million during the quarter. Its consolidated backlog of unfinished construction as of March 31 dipped 2.3 percent to $6.5 billion.
First-quarter consolidated revenue rose 19.1 percent to $985.5 million, and earnings before interest, taxes, depreciation and amortisation (EBITDA) jumped 33 percent to $233.7 million.
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