Orascom Construction announces LE279.1 million net income in FY2000
Continuing its growth story, Orascom Construction Industries –OCI (OCIC.CA) released FY2000 results ending December, in which consolidated net income jumped 46.5 percent to LE279.1 million (13.8 percent net margin) compared to LE190.5 million in FY1999 (12.7 percent net margin).
The remarkably high growth came on the back of total consolidated revenues of LE2,024.3 million versus
LE1,504.4 million in FY1999, a 34.5 percent increase.
OCI realized EBITDA of LE640.9 million, compared to LE364.8 million in FY99.Accordingly, EBITDA margin significantly improved to 31.6 percent in FY2000 versus 24.3 percent in FY1999.
OCI's construction group generated the highest revenues of LE1,231.3 million, representing around 61 percent of FY2000's revenues, followed by its building materials group, which generated 35 percent of revenues equivalent to LE718.8 million. The infrastructure group produced only 4 percent of revenues amounting to LE74.3 million.
OCI construction activities generated LE950 million, representing around 47 percent of total revenues followed by Contrack International Inc.(CII)’s 13.9 percent of revenues totaling LE281.3 million.
OCI’s consolidated results reported LE46.8 million as other income,LE39 million of which came from FX gains as a major part of construction revenues denominated in dollars that was previously booked at an average of LE3.5/$1. However, while recording earned revenues the company restated its foreign exchange rate at LE3.82/$1 at year-end.
Despite an entire year of sluggish cement consumption and falling prices, Egyptian Cement Company
(ECC) increased its market share to 14.5 percent versus 7 percent in 1999, having dispatched 3.4 million tons, contributing LE601.2 million equivalent to 29.7 percent to total revenues. EBITDA reached LE350 million equivalent to 54.4 percent of total OCI’s EBITDA, owing to its high EBITDA margin (58 percent). Consequently, ECC contributed 49.5 percent to consolidated net income.
Prime Securities S.A.E.
© 2001 Mena Report (www.menareport.com)