CAIRO, Egypt, Sept. 2, 2003 (PRIMEZONE) -- Orascom Construction Industries (Other OTC: ORSDF) (CAIRO:OCIC) (LSE:OCICq) (stock symbols: OCIC.CA / ORCI EY / OCICq.L / ORSD LI) announced consolidated revenue of LE 1,232.4 million with a gross profit of LE 264.1 million (21.4% of revenue), earnings before interest, tax, depreciation and amortization (EBITDA) of LE 286.8 million (23.3% of revenue), and net income of LE 135.2 million (11.0% of revenue) for the second quarter ended 30 June 2003.
Last year, OCI had consolidated revenue for the second quarter ended 30 June 2002 of LE 714.5 million with a gross profit of LE 200.7 million (28.1%), EBITDA of LE 210.8 million (29.5%), and net income of LE 80.4 million (11.3%).
For the six months ended 30 June 2003, OCI had consolidated revenue of LE 2,251.4 million (2002, 1,290.1 million) with a gross profit of LE 455.8 million (20.2%) (2002, LE 363.3 million (28.2%)), EBITDA of LE 497.3 million (22.1%) (2002, LE 384.5 million (29.8%) and net income of LE 255.3 million (11.3%) (2002, LE 156.5 million (12.1%)).
OCI Chief Executive Officer, Mr. Nassef Sawiris commented, "Construction opportunities throughout the region have surged in recent months and our businesses continue to secure new contracts both in Egypt and abroad.
"Revenue from our Construction Group is up 138% over last year and LE 431 million of new work was added during the quarter. OCI secured its first ever contract in Kuwait, Contrack International is well positioned to benefit from the reconstruction work in the region, and Cementech, our new subsidiary specializing in cement plant construction, expects to participate in several major projects in the region in the coming months. Despite a rebound in local cement prices during the quarter, prices continue to be the lowest in the region.
"Egyptian Cement Company continues to benefit from an increase in demand in neighbouring countries and cement exports represented 29% of total revenue during the quarter. Construction work at Algerian Cement Company is moving into high gear. Cement grinding operations will begin in early September as planned and we now expect to fire the kiln five months ahead of schedule."
OCI focuses on three high growth business activities -- construction services, cement manufacturing and infrastructure concessions. Our Construction Group provides engineering, procurement and construction services on industrial, commercial, infrastructure and railway projects for public and private customers in the Middle East and North Africa. Our Cement Group owns and operates cement production plants in Egypt and Algeria. Our Concessions Group participates as an equity investor in long-term infrastructure concessions including port operations, industrial parks and natural gas distribution systems.