Egypt’s Orascom Construction nine month net up 40 per cent

Egypt’s Orascom Construction nine month net up 40 per cent
Published: 27 November 2007

Egypt’s Orascom Construction Industries reported a 40 per cent rise in net income on Tuesday for the first nine months of 2007 to US$491.8m from $350.3m a year earlier.  
The Cairo-based group said in a statement that EBITDA rose 33 per cent in the same period to US$773.8m. Consolidated revenues grew 29 per cent to US$2.69bn.  
"Our cement group has steadily achieved critical milestones across its various ongoing greenfield cement projects," the firm said in a statement, adding that revenues for its cement group had risen 72 per cent in the period.  
"To date, the white cement plant in Algeria has begun its production operations and our third grey cement production line in Algeria has started its early cement production and sales," it said.  
OCI said a new grey cement production line in northern Iraq was scheduled to begin operations in December and that Emirates Cement had successfully fired its kiln last week and had already achieved eight per cent of daily market share.  
It said OCI had also finalised equipment supply contracts for the rehabilitation and upgrade of Sangwon Cement in North Korea and with Polysius, part of Germany’s ThyssenKrupp AG , for its greenfield plant in South Africa.