SOURCE: Orascom Construction Inds, S.A.E.

March 18, 2010 05:00 ET

OCI announces FY 2009 Results

CAIRO, EGYPT--(Marketwire - March 18, 2010) -


Results as at 31 December 2009

                               Cairo, Egypt / March 18, 2010, 10:15 AM



OCI announces FY 2009 Results

Summary of Consolidated Results for Q4 2009:

-    Consolidated revenue increased 3.6% to USD 966.6 million (EGP
        5,324.8 million) versus USD 933.4 million (EGP 5,194.7
        million) in Q3 2009
-    EBITDA increased by 10.8% to USD 225.4 million (EGP 1,243.4
        million) versus USD 203.5 million (EGP 1,133.3 million) in Q3
        2009
-    Consolidated EBITDA margin of 23.3% and Construction Group
        EBITDA margin of 15.9% for Q4 2009
-    Net income decreased by 12.3% to USD 105.8 million (EGP 581.8
        million) versus USD 120.7 million (EGP 672.3 million) in Q3
        2009

Summary of Consolidated Results for FY 2009 Ended 31 December 2009:

-    Consolidated revenue grew 2.7% to USD 3,818.7 million (EGP
        21,250.4 million) versus USD 3,717.1 million (EGP 20,252.6
        million)  in FY 2008
-    EBITDA decreased by 10.1% to USD 791.9 million (EGP 4,406.6
        million) versus USD 881.2 million (EGP 4,800.9 million)in FY
        2008
-    Consolidated EBITDA margin of 20.7% and Construction Group
        EBITDA margin of 15.0% for FY 2009
-    Net income from continued operations decreased by 39.7% to USD
        434.2 million (EGP 2,416.5 million) versus USD 719.8 million
        (EGP 3,998.8 million) in FY 2008
-    OCI's Board of Directors has approved payment of an interim
        cash dividend of USD 1 per ordinary share

Consolidated Construction Group Backlog

-    Consolidated backlog stood at USD 6.65 billion reflecting a
        decline of 4.0% over the backlog as at 31 December 2008 and
        7.8% lower than the previous quarter
-    Consolidated backlog witnessed a 2.1% decline on Euro-based
        contracts in Dollar terms with a net impact of negative USD 60
        million
-    New awards during the year totaled USD 3.16 billion of which
        65.7% was infrastructure work
-    Infrastructure work constitutes 60.1% of the Construction Group
        backlog at year end 2009 versus 55.7% at year end 2008



Statement from the Chairman and Chief Executive Officer - Nassef
Sawiris OCI has managed to weather difficult global economic conditions
during 2009.  Despite low fertilizer prices and diminished construction
activity in the commercial sector throughout the year, both our
business groups have continued to deliver solid financial results and
create value for shareholders.  Based on our results and our positive
outlook for the future, the Board of Directors has approved payment of
an interim cash dividend of USD 1 per ordinary share.

During 2009, the Construction Group recorded revenue growth of 6.2% and
EBITDA growth of 22.6% while maintaining an EBITDA margin of 15.0%.
The Construction Group secured an additional USD 358 million of new
work during the fourth quarter bringing the total value of new awards
for the year to USD 3.16 billion.  Our consolidated construction
backlog at year end was USD 6.65 billion, a decline of only 4.0% from
our backlog at the end of last year.  We continue to serve a
diversified client base across Europe, the Middle East, North Africa
and Central Asia with infrastructure work predominate in our backlog.
Another measure of our success during these difficult times is that
Orascom Construction rose to #41 from #77 in the annual ranking of the
world?s top 225 international contractors complied by the Engineering
News Record.

Looking ahead, the Construction Group has started the new year quite
well.  BESIX has been awarded several notable contracts in Abu Dhabi
including the Cleveland Clinic for a total contract value of EUR 940
million (BESIX has 60% share) and the state guests reception airport
terminal for EUR 85 million. Orascom Construction has also picked up
several new contracts since the beginning of the year and we are
witnessing significant accelerated bidding activity in the
infrastructure sector in our core regional markets of Egypt, Qatar and
Abu Dhabi.  Both BESIX and Orascom Construction will also continue to
ramp up their presence in Morocco and Saudi Arabia as both markets show
signs of promise on the back of large infrastructure spending plans.

During 2009, the Fertilizer Group sold a total of 1.358 million tons of
urea at an average price of USD 266 per ton and sold a total of 384
thousand tons of ammonia at an average price of USD 251 per ton.
During the fourth quarter, the average selling price of urea rose 13.4%
to USD 283 per ton and the average selling price of ammonia surged
26.0% to USD 274 per ton. We are optimistic that market conditions for
urea and ammonia will continue to improve during 2010.  During the
year, the Fertilizer Group announced USD 200 million of new capital
expenditure initiatives which include the upgrade of the annual urea
production capacity at Egyptian Fertilizers Company to 1.6 million
tons, the construction of a new ammonium sulphate (AS) production line
with a annual production capacity of 300 thousand tons, and a new urea
ammonium nitrate (UAN) line with a annual production capacity of 325
thousand tons.  These new initiatives are on track to fully contribute
to our results in 2012. Construction of Sorfert Algeria continues to
progress well with the plant 85.3% complete at year end. Commissioning
of the new plant is scheduled to begin later this year with full
production beginning early next year.

OCI has also embarked on new ideas which can create value for
shareholders.  In January, we announced a 50/50 joint venture with
Morgan Stanley to invest in infrastructure assets in the Middle East
and Africa.  The proposed joint venture will capitalize on Morgan
Stanley?s infrastructure investing expertise and OCI?s regional strong
presence, awareness of infrastructure needs to originate investment
opportunities and execution capabilities.  Both partners are convinced
that the Middle East and Africa regions will require a significant
increase in infrastructure spending in order to sustain economic growth
and cater to a growing population.

For additional information contact:

OCI Investor Relations Department:

Omar Darwazah
Email: omar.darwazah@orascomci.com

Erika Wakid
Email: erika.wakid@orascomci.com

Hassan Badrawi
Director

Tel: +202 2461 1036/0727/0917
Fax: +202 2461 9409

For additional information on OCI:

www.orascomci.com

OCI stock symbols: OCIC.CA / ORCI EY / OCICqL / ORSD

Orascom Construction Industries (OCI)
Nile City Towers - South Tower
2005A Corniche El Nil
Cairo, Egypt





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