Orascom Construction Industries (OCI) has released its first half results for the financial year 2001, in which net income rose 6.2 percent, reaching 149.6 million Egyptian pounds ($35.09 million), up from LE140.9 million in the same period the previous year, reported Prime Securities.
Company CEO Nazif Sawiris commented that "we believe our margins are sustainable due to the effectiveness of our cost cutting program which we began last year.” Consolidated revenues recorded a 20 percent increase, totaling LE1.146 billion in 1H FY01, up from LE 955.8 million during the same period last year.
OCI announced in May that its consolidated revenue for the FY01 first quarter surged 13.6 percent to LE 520.8 million, with a gross profit of LE 179.3 million. Net income jumped 22.7 percent to LE74 million compared to LE60.3 million in 1Q FY2000.
The year’s seconds quarter ended with net profits at LE76.3 million, down five percent from the LE80.6 million recorded for 2Q FY00. Revenues leaped 26 percent to reach LE626.1 million, resulting in a 31 percent increase in gross profit that reached LE199.8 million.
OCI has added new work valued in excess of one billion LE to its backlog during the first six months of the year. OCI has a current backlog of construction work valued at approximately two billion LE, according to a company release. Nearly half of OCI’s current projects are in cooperation with some of the most globally reputable multinational contractors.
OCI provides conglomerate operates a diversified portfolio of 25 construction, building materials and infrastructure companies. It provides engineering, procurement, and construction services on projects in all major market segments, including industrial, commercial, infrastructure, railway and monument restoration projects. — (Mena Report)
© 2001 Mena Report (www.menareport.com)
