Orascom Construction Industries, Egypt, announced consolidated revenue of LE2417.3m (LE 1,145.1m) during the same period last year) with a gross profit of LE 637.3 million (LE 331.4 million), and net income of LE 323.0m (LE 152.0m) for the third quarter ended 30 September 2004.
OCI Chief Executive Officer, Nassef Sawiris commented "third quarter consolidated revenue is up 111% and net income is up 113% over last year. Our exceptional financial results continue to be driven by our successful expansion into regional markets. Regional demand for our construction services and cement remains strong and our future business prospects remain bright."
Mr. Sawiris added "the OCI Construction Group continues to secure new work and repeat orders throughout the region and we are now active in 20 different countries. We remain selective, however, targeting those projects on which we have a competitive advantage either through a specific technical competency, a strong geographical presence or a successful track record with the client. Our cement operations in Egypt continue to exceed expectations driven by record export sales.
Our first production line at Algerian Cement Company is operating at full capacity and contributed 20 per cent of consolidated net income during the quarter. We have recently announced our intentions to acquire majority control of Chakwal Cement Company in Pakistan and complete the construction of their plant which is capable of producing 2.2Mt per year. Our new project in Pakistan will give us a foothold in an extremely promising market with a large population and growing economy at a competitive investment cost. We are committed to expanding our cement capacity in key emerging markets where we can leverage our construction and cement operations expertise and create significant value for shareholders."