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FINANCIAL NEWS
Egypt’s OCI posts $148 profits in Q3
23 Nov 2010
(MENAFN) Orascom Construction Industries (OCI), an Egyptian construction firm announced that it has generated earnings of $147.6 million, registering a 22 percent surge, during the July-September period of 2009, Reuters reported.
The builder and fertilizer maker posted revenues of $1.25 billion, amounting to a 0.3 percent increase. Net profits before interest, taxes, depreciation and amortization (EBITDA) rose 31 percent to $266 million.
According to Orascom, its backlog of unfinished projects was valued at $600 million during the third quarter of the year, whereas by September-end it reached $2.1 billion.
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