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Regions :: Africa :: Egypt
Orascom's Earnings and Revenues Rise; Projects Are on Track
1:31 PM MDT | September 6, 2011 | Natasha Alperowicz
Orascom Construction Industries (OCI; Cairo), whose businesses cover fertilizer and methanol production as well as plant construction, reported a 34% increase in second quarter Ebitda to E£2.15 billion ($360.6 million) on 10% higher sales at E£8.8 billion compared with the year-earlier period. Net income was 15% higher at E£985.4 million. Net income during the second quarter was impacted by a rise in the Egyptian corporate income tax rate from 20% to 25%, says Nassef Sawiris, chairman and CEO. During the second quarter the fertilizer group sold...
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