Orascom Construction records 8.8 percent income rise in 2001
Orascom Construction Industries’ (OCI) net income reached 303.8 million Egyptian pounds ($65.5 million) in 2001, an 8.8 percent rise compared to the EP 279.1 million net income recorded in 2000. The company’s net profit increased by 12.6 percent over the year 2001, compared to a 13.8 percent net profit rise during 2000.
OCI’s subsidiary, the Egyptian Cement Company (ECC), secured an average market share of 19 percent in 2001, having dispatched approximately five million tons of cement, contributing EP 822 million to the company’s total revenues, representing a 36.7 percent growth compared to the same period last year.
Established in 1950, OCI provides engineering, procurement and construction services to public and private customers. The company has undertaken numerous infrastructure, industrial and tourism projects, including the world's largest swing bridge over the Suez Canal and the Conrad International and Le Meridien hotels along the Nile. — (menareport.com)
© 2002 Mena Report (www.menareport.com)