Orascom Construction posts 54 per cent Q1 profit growth, Egypt
Orascom Construction Industries reported a 53.5 per cent rise in its first-quarter net profit to US$140.3m on Thursday, helped by growth in demand for cement and construction services.
Revenue rose 46 per cent to $835.6m and EBITDA climbed 42 per cent to US$230.1m.
The company’s construction group won new contracts worth US$1bn in the quarter, more than three times the amount it won in the same period of 2006, Chief Executive Nassef Sawiris said in a statement.
Sales by the company’s cement group rose 61 per cent to 4.2Mt, Sawiris said.
"We will continue to benefit from fast growth opportunities in the region," he said.
Orascom won a US$180m contract for work on the first phase of a Cairo metro expansion and a US$133m contract to build a thermal power plant in Egypt.
Orascom said in early May it would build a US$440m cement plant in Syria. Published under Cement News
