OCI’s reports show solid performance despite tense situation in Egypt

OCI’s reports show solid performance despite tense situation in Egypt

4:14 PM, 8th June 2011
OCI’s reports show solid performance despite tense situation in Egypt
Nassef Sawiris, Chairman and CEO, OCI.

CAIRO, EGYPT: Orascom Construction Industries (OCI) has announced its results for the year ended 31 December 2010. The company has generated double-digit growth in EBITDA and net income during 2010. It was helped by integration of Dutch fertilizer business.

 

Summary of Consolidated Results for Q4 2010:

  • Consolidated revenues increased 34.9 per cent to $ 1,319.4 million vs $ 977.8 million in Q4 2009
  • EBITDA increased 39.4 per cent to $ 317.8 million vs $ 228.0 million in Q4 2009
  • Consolidated EBITDA margin of 24.1 per cent and construction group EBITDA margin of 16.3 per cent during Q4 2010
  • Net income increased 76.1 per cent to $ 186.0 million vs $ 105.6 million in Q4 2009

 

“OCI has reported a stellar fourth quarter and solid full year results. The fertilizer group sold over 1 million tons of nitrogen-based fertilizers during the quarter and approximately 3.7 million tons during the year. During the quarter, farmer economics improved dramatically helping lift netback urea, ammonia and calcium ammonium nitrate (CAN) prices. We expect fertilizer prices to remain healthy during 2011 with prices fluctuating based on regular seasonal variations in demand. In addition, massive global supply shocks to wheat in 2010 have helped push prices higher and depleted inventory levels. Russia and Ukraine continue to see domestic demand for nitrogen-based fertilizers. In addition, rising coal prices in China has raised the floor for globally traded urea,” informed Nassef Sawiris, Chairman and CEO, OCI.

 

“Despite disruptions due to political unrest in Egypt, our fertilizer production facilities continued to produce at normal operating rates. The construction group lost 6 days of construction site activity during the month but work sites resumed activity immediately thereafter,” added Sawiris.

 

The company has also created two new senior positions: Osama Bishai has been appointed Chief Operating Officer for the construction group and Renso Zwiers has been appointed Chief Operating Officer for the fertilizer group. Additionally the acquisition of Royal DSM NV’s Agro and Melamine businesses has been renamed as OCI Nitrogen.

© WOC News

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