Orascom Construction 2006 net rises 59 per cent

Orascom Construction 2006 net rises 59 per cent
Published: 28 March 2007

Egypt’s Orascom Construction Industries said on Wednesday its net income rose 59 per cent in 2006 to $464.5m. 
The company said revenues rose to $2.87bn from $1.95bn a year earlier. Earnings before interest, tax, depreciation and amortisation rose to $778.9m from $461.3m in 2005. 
"Orascom Construction Industries has had another excellent year propelled by strong demand for both our cement products and construction services," Chief Executive Officer Nassef Sawiris said in a statement.
Sawiris said that the firm’s cement arm had added 7Mt of capacity during 2006 and expected to add another 10Mt in the next six months. 
The construction arm was also "performing well" while playing a key role in identifying new high return investment opportunities in natural gas based industries and infrastructure concessions, he said. Investments in two greenfield fertiliser producers in Egypt and Algeria should generate substantial returns in coming years. 
"Looking ahead, we will continue to invest our free cash flow in our growth strategy with a clear view of delivering the highest returns to shareholders," Sawiris said.