Orascom’s Earnings and Revenues Rise; Projects Are on Track

Orascom Construction Industries (OCI; Cairo), which specializes in fertilizer and methanol production, as well as construction, reported a 34% increase in second-quarter Ebitda compared with the year-earlier period, to E£2.15 billion ($360.6 million) on sales 10% higher at E£8.8 billion. Net income was 15% higher at E£985.4 million despite a 5% rise in the Egyptian corporate income tax rate, to 25%, says Nassef Sawiris, OCI chairman and CEO. OCI’s fertilizer business sold 1.17 million m.t. of nitrogen fertilizers in the second quarter. Ammonia and calcium...

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