Orascom Construction bottom line up 11 percent in 2Q02
Orascom Construction Industries (OCI) posted a 14 percent rise in its second quarter’s consolidated revenues, reaching 714.5 million Egyptian Pounds ($153.8 million), as well as 11 percent increase in net income from continuous operations compared to the same period last year, reaching EP84.8 million.
The Egyptian company’s EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) rose six percent to EP210.8 percent during the same period. Gross profit for 2Q 2002 totaled EP200.7, million, constituting 28.1 percent of revenues.
Nassef Sawiris, OCI Chief Executive Officer, commented: “To sustain our momentum and achieve our growth targets, all of our business units have begun to expand regionally. We have been encouraged by the success of our Construction Group in Algeria and Qatar and our building materials subsidiaries in securing several export orders in the region.”
“To focus our efforts and communicate our goals to our managers and employees, OCI has devised the 50-05 Action plan, a group wide strategic initiative which aims to have 50 percent of consolidated revenue generated from sources outside of Egypt by 2005,” he added.
In the corresponding second quarter of 2001, OCI had consolidated revenue of EP626.1 million with a gross profit of EP199.8 million, EBITDA of EP198.9 million and net income of EP76.3 million. Consolidated net income was adjusted to reflect an accounting elimination of EP7.2 million representing profits from construction services rendered to subsidiaries within the OCI group.
During 2Q02, consolidated revenue from the Construction Group was EP383.8 million—constituting 54 percent of total revenues—with the Building Materials Group generating EP314.5 million, or 44 percent, and the Infrastructure group contributing EP16.2 million, two percent.
Consolidated net income from the Construction Group was EP47.7 million—60 percent—with the Building Materials Group generating EP30.9 million, or 38 percent, and the Infrastructure Group contributing EP1.8 million, at two percent.
During 2Q01, consolidated revenue form the Construction Group was 378.4 million—equivalent to 60—with the Building Materials Group generating EP231.7 million—at 37 percent—and the Infrastructure Group contributing EP16.0 million, or three percent.
Consolidated net income from the Construction Group was EP45.4 million (59 percent), with the Building Materials Group generating EP28.0 million (37 percent), and the Infrastructure Group contributing EP2.9 million (four percent).
For 1H02, OCI had consolidated revenue of EP1.29 billion with a gross profit of EP363.3 million (28.2 percent of revenue), EBITDA of EP384.5 million (29.8 percent) and net income from continuous operations of EP160.8 million (12.5 percent). Consolidated net income excludes a consolidated loss of EP4.3 million on sale of investments. — (menareport.com)
© 2002 Mena Report (www.menareport.com)