Al-Nas Hospital , Estadat Partner to Revolutionize Sports Investment and Healthcare Accessibility    South Africa keeps rates unchanged after unpredictable vote    Israel's c.bank chief: IDF shouldn't get 'blank check'    Egypt's gold prices fall on May 30th    MSMEDA encourages enterprise owners to shift to formal sector: Rahmi    Ancient Egyptians may have attempted early cancer treatment surgery    Indian rupee to slip on rising US yields, dollar    Egypt, China strengthen ties on 10th anniversary of strategic partnership    Israel takes control of Philadelphia Corridor along Gaza-Egypt border    Egypt reaffirms commitment to African cooperation at AfDB Meetings    Germany approves carbon transport, storage proposals    Thailand seeks entry into BRICS    Abdel Ghaffar discuss cooperation in health sector with General Electric Company    Grand Egyptian Museum opening: Madbouly reviews final preparations    Valu Partners with Magdi Yacoub Heart Foundation to streamline donations for New Cairo centre    Al-Sisi receives delegation from US Congress    Madinaty's inaugural Skydiving event boosts sports tourism appeal    Tunisia's President Saied reshuffles cabinet amidst political tension    US Embassy in Cairo brings world-famous Harlem Globetrotters to Egypt    Instagram Celebrates African Women in 'Made by Africa, Loved by the World' 2024 Campaign    US Biogen agrees to acquire HI-Bio for $1.8b    Egypt to build 58 hospitals by '25    Giza Pyramids host Egypt's leg of global 'One Run' half-marathon    Madinaty to host "Fly Over Madinaty" skydiving event    World Bank assesses Cairo's major waste management project    Egyptian consortium nears completion of Tanzania's Julius Nyerere hydropower project    Sweilam highlights Egypt's water needs, cooperation efforts during Baghdad Conference    Swiss freeze on Russian assets dwindles to $6.36b in '23    Egyptian public, private sectors off on Apr 25 marking Sinai Liberation    Debt swaps could unlock $100b for climate action    Amal Al Ghad Magazine congratulates President Sisi on new office term    Financial literacy becomes extremely important – EGX official    Euro area annual inflation up to 2.9% – Eurostat    BYD، Brazil's Sigma Lithium JV likely    UNESCO celebrates World Arabic Language Day    Motaz Azaiza mural in Manchester tribute to Palestinian journalists    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



OCI net rises, fertilizer outlook positive
Published in Daily News Egypt on 18 - 03 - 2010

CAIRO: Egypt s biggest listed firm, Orascom Construction Industries (OCI), posted a 42 percent rise in quarterly profit after margins and prices improved, and said it saw fertilizer demand continuing to grow.
The building and fertilizer industry giant posted fourth-quarter net profit of $105.8 million, just below the $111.3 million average forecast in a Reuters poll, but within a $98 million to $132 million range.
The results were slightly positive, operational-wise, but the bottom line was impacted by one-off losses, which is not a big deal. I wouldn t change my stance on this company, said EFG-Hermes analyst Ahmed Shams.
Net profit was dampened by a larger-than-expected foreign exchange loss of $7.7 million after the euro s depreciation against the dollar impacted OCI s euro deposits, he added.
Analysts see OCI posting higher profits in 2010, as global urea and ammonia prices continue to rise, increasing the portion of revenue contributed by the firm s relatively high-margin fertilizer operations.
We see better fertilizer prices compared to 2009, which will impact profitability of course, Pharos analyst George Beshara said.
Higher construction spending in Egypt, Qatar and Abu Dhabi should help OCI win $4 billion worth of new contracts in 2010, he added.
Pharos expects OCI s net profit to jump by over one-fifth next year to $550 million, and revenue to rise to $4.6 billion.
The firm s shares traded 3.3 percent higher by 1108 GMT, while the main index rose 0.6 percent.
OCI s fertilizer group sold 1.358 million tons of urea at an average price of $266 per ton and 384,000 tons of ammonia at an average price of $251 per ton in 2009, OCI said in a statement accompanying the results.
We are optimistic that market conditions for urea and ammonia will continue to improve during 2010, the firm s chairman and chief executive, Nassef Sawiris, said in the statement.
OCI said its construction wing was granted $3.16 billion of new awards in 2009, about two thirds of which was infrastructure work. Consolidated backlog stood at $6.65 billion at end-December, down 7.8 percent from the previous quarter.
Fourth-quarter earnings before interest, tax, depreciation and amortization (EBITDA) jumped to $225.4 million from $147.3 million in 2008. Consolidated revenue in the quarter dropped 5 percent to $966.6 million compared to a year earlier.
In 2008, the firm posted fourth-quarter net profit from continued operations of $74.5 million, which excluded gains from the sale of a 45-percent stake in Sokhna Port Development Company.


Clic here to read the story from its source.