OCI profit jumps on more contracts

OCI profit jumps on more contracts
Published: 01 May 2008

Egypt’s Orascom Construction Industries said its net income in 2007 grew by almost half from the previous year on a record number of construction contracts.
 
The company said its 2007 net income, including discontinued cement operations, jumped 42.5 per cent to US$661.8m.
 
Construction contracts in 2007 surged 84.1 per cent to a record US$4.8bn, it said.
 
"We feel confident that 2008 will be another record year for construction awards as the group continues to build on its core competencies in infrastructure and industrial projects," chief executive Nassef Sawiris said in a statement.
 
The company, which agreed to sell its cement division to Lafarge for EUR8.8bn (US$14.03bn) in December, said consolidated revenue from continuing operations grew 9.2 per cent to US$2.38bn.