SOURCE: Orascom Construction Industries

March 07, 2005 02:01 ET

Orascom Construction Industries Reports Strong Growth Momentum - 2004 consolidated revenue increases by 94% and net income grows by 97% over last year

Cairo -- (MARKET WIRE) -- March 7, 2005 --

Nile City Towers - South Tower 
Corniche El Nil 
Cairo - Egypt  
Phone 20-2-461-1111 
Fax 20-2-461-9400 
OCI Reports Strong Growth Momentum

2004 consolidated revenue increases by 94% and net income grows by 97% over last year

Cairo, Egypt - 6 March 2005: Orascom Construction Industries (stock symbols: OCIC.CA / ORCI EY / OCICq.L / ORSD LI) announced consolidated revenue of LE 8,555.8 million (LE 4,403.1 million during 2003) with a gross profit of LE 2,355.5 million (LE 1,209.7 million), and net income of LE 1,101.3 million (LE 558.3 million) for the year ended 31 December 2004.

OCI reported consolidated revenue of LE 2,383.8 million (LE 1,006.6 million during the same period last year) with a gross profit of LE 685.2 million (LE 422.5 million), and net income of LE 275.5 million (LE 151.0 million) during the fourth quarter ended 31 December 2004.

In his quarterly message to shareholders, OCI Chief Executive Officer, Nassef Sawiris commented "Our growth momentum continues. During the quarter, consolidated revenue increased by 137%, EBITDA grew by 63% and net income rose by 82% over last year. Consolidated revenue for the year was up 94% to a record LE 8.6 billion and net income rose by 97% to a record LE 1.1 billion.

Revenue from our Construction Group grew by 119% and reached LE 1.8 billion. Our Construction Group secured a record LE 3.85 billion in new work during the quarter and our backlog increased by 23% since last September to reach LE 10.9 billion at year end. Regional demand for construction services continues to be at record levels enabling us to increase work volume. We are extremely proud of the whole team at the BESIX Group which will soon begin work on the Burj Dubai tower, the world's tallest building.

Revenue from our Cement Group grew by 39% and reached LE 515 million during the quarter. We have initiated our smart capex program at Egyptian Cement Company and Algerian Cement Company which will increase their combined annual production capacity to 13 million tons. The handover of the Tasluja plant in northern Iraq was accomplished successfully and work on rehabilitating the plant to its full production capacity of 2.3 million tons per year has already begun.

We continue to investigate opportunities in key strategic markets for our core businesses that add value to our shareholders."

For Details, Contact: 
Hassan H. Badrawi 
Investor Relations Manager 
Phone: 20-2-461-1039 
Fax: 20-2461-9409 

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