|By Marketwired .||
|November 28, 2012 02:34 AM EST||
CAIRO, EGYPT -- (Marketwire) -- 11/28/12 --
Results as at 30 September 2012 Cairo, Egypt / 28 November, 2012 8:00 AM OCI Reports 31% Decline in Earnings During the Third Quarter Summary of Consolidated Results for Q3 2012 (1): - Consolidated revenues increased 1.0% to USD 1,371.1 million (EGP 8,305.3 million) versus USD 1,357.8 million (EGP 8,093.7 million) in Q3 2011 - EBITDA decreased 18.9% to USD 300.6 million (EGP 1,821.1 million) versus USD 370.6 million (EGP 2,208.7 million) in Q3 2011 - Consolidated EBITDA margin of 21.9% and Construction Group EBITDA margin of 9.0% duringQ3 2012 - Net income decreased 30.7% to USD 126.8 million (EGP 769.2 million) versus USD 182.9 million (EGP 1,090.2 million) in Q3 2011 Summary of Consolidated Results for 9M 2012: - Consolidated revenues decreased 2.3% to USD 3,999.2 million (EGP 24,174.3 million) versus USD 4,092.9 million (EGP 24,237.1 million) in 9M 2011 - EBITDA decreased 20.4% to USD 848.4 million (EGP 5,127.1 million) versus USD 1,066.0 million (EGP 6,312.7 million) in 9M 2011 - Consolidated EBITDA margin of 21.2% and Construction Group EBITDA margin of 10.4% during9M 2012 - Net income decreased 38.6% to USD 340.7 million (EGP 2,059.0 million) versus USD 554.7 million (EGP 3,281.9 million) in 9M 2011 Consolidated Construction Group Backlog - Consolidated backlog as at 30 September 2012 stood at USD 5.64 billion reflecting a decrease of 4.3% over the backlog as at 30 June 2012 and a decrease of 5.2% over the same period last year - New awards totaled USD 361.5 million during the quarter - Infrastructure and industrial work constitute 66.6% of the Construction Group backlog as at 30 September 2012 (1) Consolidated financial figures presented in this press release are unaudited Statement from the Chairman and Chief Executive Officer - Nassef Sawiris Our third quarter results have declined year-on-year. EBITDA and net income fell by 18.9% and 30.7% respectively primarily due to the seasonal slowdown in the Construction Group's work and a decline in margin from 10.8% during the second quarter to 9.0% during the third quarter as a result of some provisioning on several projects. Overall, net income increased from USD 119.4 million in the second quarter to USD 126.8 million in the third quarter on the back of strong results from the Fertilizer Group. In November, natural gas supply to both our plants in Egypt witnessed drastic supply cuts arising from unscheduled stoppages in the natural gas grid for maintenance works. The pressure is only gradually returning in the third week of disruptions and stoppages. In order to minimize production down time, EBIC successfully brought forward its scheduled three week maintenance turnaround from the fourth week of November to the second week. EFC has also brought forward its revamp/ maintenance turnaround at one of its urea lines from the first quarter of 2013 to the fourth quarter of 2012. The natural gas supply shortfalls will have an impact on our fourth quarter production utilization rates and results. We continue to expect strong demand for our fertilizer products supported by strong fundamentals. Farmers in the United States have witnessed record income despite the fall in yields. A drop in yields and growing demand for crops (especially corn and wheat) will bode well for fertilizer prices. In the United States, both OCI Beaumont and Iowa Fertilizer Company (IFCo) have made noticeable progress over the last several months. OCI Beaumont's ammonia and methanol lines are now operational. The plant is now producing ammonia at the designed capacity of 250 thousand tons and methanol at 70-80 % of designed capacity of 750 thousand tons per annum. IFCo, our new Greenfield plant in Wever, Iowa, was issued its air permit by the Iowa Department of Natural Resources (IDNR) last month and the plant broke ground last week in an event attended by the Governor of Iowa. The Construction Group was awarded the Engineering, Procurement and Construction (EPC) contract to build the plant and Maire Tecnimont and ThyssenKrupp Uhde will be supplying state-of-the-art technology for the project. The construction of the plant is scheduled for completion during the summer of 2015. The plant will produce 1.5 - 2.0 million metric tons of urea, urea ammonium nitrate (UAN), ammonia and diesel exhaust fluid (DEF) upon completion and will supply farmers in the US Corn Belt. The total investment cost of the project is now expected to be approximately USD 1.65 billion and will be funded with a combination of equity and a tax-exempt bond issuance. In Algeria, Sorfert Algeria expects to complete all mechanical works on Line II at the end of December. Once these works are complete, all necessary permits will be obtained during the first quarter of 2013 ahead of the planned full-fledged commercial production. Our team is working closely with our partner to ensure all planned works are complete on time and all necessary permits are obtained. We expect Sorfert Algeria to start contributing to earnings during the first half of 2013. In addition, the Fertilizer Group announced that it has acquired distribution rights of ammonium sulphate (AS) produced by Lanxess N.V. at its Antwerp facilities in Belgium. The distribution rights were acquired from Fertiva GmbH, a wholly owned subsidiary of Eurochem. The deal entails up to approximately 1 million metric tons of AS including granular AS, a premium fertilizer product. OCI's wholly owned subsidiary, Netherlands-based OCI Nitrogen currently distributes approximate 0.75 million metric tons of AS produced by DSM N.V. in the Netherlands. Combined, the Fertilizer Group expects to annually distribute 1.75 million tons of AS in both standard and granular form, making it a leading supplier in the European market and in Brazil. The Construction Group reported a 4.3% decrease in backlog over the previous quarter and the backlog as at the end of the third quarter stood at USD 5.64 billion. New work secured during the third quarter totaled USD 361.5 million and USD 1.49 billion during the first nine months. The Group is increasing its focus on the United States' infrastructure program and petrochemical construction market in addition to expanding its presence and work in Saudi Arabia and Iraq. The Construction Group recently announced that it will acquire the Weitz Company, a general contractor based in Des Moines, Iowa. The Group has already received Weitz's Board approval for the transaction and an agreement has been signed. At present, final shareholders' approval is pending but expected imminently. The Group is expected to pay a total consideration of less than USD 90 million on an enterprisevalue basis. The Weitz Company will be pivotal in the construction of IFCo and will allow the Construction Group to bid on infrastructure and industrial opportunities in the United States market in addition to commercial and federal work. We expect to start consolidating Weitz's results and backlog during the fourth quarter. The Egyptian Tax Authority has been reviewing the tax years 2005 - 2010. Our auditors and tax advisors have presented all necessary documentation to the authorities. We are confident that new laws will not be applied retroactively and that our legal and financial position is in accordance with paragraph 8 of article no. 50 of law no. 91 of 2005, which clearly exempts all capital gains resulting from the sale of shares listed on the Egyptian Stock Exchange (EGX). On the planned demerger of the company's construction business from its fertilizer business, we continue to work with the Egyptian Financial Supervisory Authority (EFSA) to receive final procedural approvals for the demerger, however no progress has taken place since October. For additional information contact: OCI Investor Relations Department: Omar Darwazah Email: [email protected] Erika Wakid Email: [email protected] 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 / OCIC EY / OCICqL / ORSD / ORSCY Orascom Construction Industries (OCI) Nile City Towers - South Tower 2005A Corniche El Nil Cairo, Egypt This information is provided by RNS The company news service from the London Stock Exchange END
For IoT to grow as quickly as analyst firms’ project, a lot is going to fall on developers to quickly bring applications to market. But the lack of a standard development platform threatens to slow growth and make application development more time consuming and costly, much like we’ve seen in the mobile space. In his session at @ThingsExpo, Mike Weiner, Product Manager of the Omega DevCloud with KORE Telematics Inc., discussed the evolving requirements for developers as IoT matures and conducted a live demonstration of how quickly application development can happen when the need to comply wit...
Jul. 31, 2015 08:45 AM EDT Reads: 302
Explosive growth in connected devices. Enormous amounts of data for collection and analysis. Critical use of data for split-second decision making and actionable information. All three are factors in making the Internet of Things a reality. Yet, any one factor would have an IT organization pondering its infrastructure strategy. How should your organization enhance its IT framework to enable an Internet of Things implementation? In his session at @ThingsExpo, James Kirkland, Red Hat's Chief Architect for the Internet of Things and Intelligent Systems, described how to revolutionize your archit...
Jul. 30, 2015 07:30 PM EDT Reads: 1,401
SYS-CON Events announced today that HPM Networks will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. For 20 years, HPM Networks has been integrating technology solutions that solve complex business challenges. HPM Networks has designed solutions for both SMB and enterprise customers throughout the San Francisco Bay Area.
Jul. 30, 2015 03:45 PM EDT Reads: 453
MuleSoft has announced the findings of its 2015 Connectivity Benchmark Report on the adoption and business impact of APIs. The findings suggest traditional businesses are quickly evolving into "composable enterprises" built out of hundreds of connected software services, applications and devices. Most are embracing the Internet of Things (IoT) and microservices technologies like Docker. A majority are integrating wearables, like smart watches, and more than half plan to generate revenue with APIs within the next year.
Jul. 30, 2015 02:30 PM EDT Reads: 104
The Internet of Everything (IoE) brings together people, process, data and things to make networked connections more relevant and valuable than ever before – transforming information into knowledge and knowledge into wisdom. IoE creates new capabilities, richer experiences, and unprecedented opportunities to improve business and government operations, decision making and mission support capabilities.
Jul. 30, 2015 01:45 PM EDT Reads: 270
Growth hacking is common for startups to make unheard-of progress in building their business. Career Hacks can help Geek Girls and those who support them (yes, that's you too, Dad!) to excel in this typically male-dominated world. Get ready to learn the facts: Is there a bias against women in the tech / developer communities? Why are women 50% of the workforce, but hold only 24% of the STEM or IT positions? Some beginnings of what to do about it! In her Opening Keynote at 16th Cloud Expo, Sandy Carter, IBM General Manager Cloud Ecosystem and Developers, and a Social Business Evangelist, d...
Jul. 30, 2015 12:00 PM EDT Reads: 2,058
In his keynote at 16th Cloud Expo, Rodney Rogers, CEO of Virtustream, discussed the evolution of the company from inception to its recent acquisition by EMC – including personal insights, lessons learned (and some WTF moments) along the way. Learn how Virtustream’s unique approach of combining the economics and elasticity of the consumer cloud model with proper performance, application automation and security into a platform became a breakout success with enterprise customers and a natural fit for the EMC Federation.
Jul. 30, 2015 09:00 AM EDT Reads: 2,160
The Internet of Things is not only adding billions of sensors and billions of terabytes to the Internet. It is also forcing a fundamental change in the way we envision Information Technology. For the first time, more data is being created by devices at the edge of the Internet rather than from centralized systems. What does this mean for today's IT professional? In this Power Panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists addressed this very serious issue of profound change in the industry.
Jul. 29, 2015 03:00 PM EDT Reads: 1,272
Discussions about cloud computing are evolving into discussions about enterprise IT in general. As enterprises increasingly migrate toward their own unique clouds, new issues such as the use of containers and microservices emerge to keep things interesting. In this Power Panel at 16th Cloud Expo, moderated by Conference Chair Roger Strukhoff, panelists addressed the state of cloud computing today, and what enterprise IT professionals need to know about how the latest topics and trends affect their organization.
Jul. 29, 2015 02:00 PM EDT Reads: 1,185
It is one thing to build single industrial IoT applications, but what will it take to build the Smart Cities and truly society-changing applications of the future? The technology won’t be the problem, it will be the number of parties that need to work together and be aligned in their motivation to succeed. In his session at @ThingsExpo, Jason Mondanaro, Director, Product Management at Metanga, discussed how you can plan to cooperate, partner, and form lasting all-star teams to change the world and it starts with business models and monetization strategies.
Jul. 28, 2015 04:30 PM EDT Reads: 1,763
Converging digital disruptions is creating a major sea change - Cisco calls this the Internet of Everything (IoE). IoE is the network connection of People, Process, Data and Things, fueled by Cloud, Mobile, Social, Analytics and Security, and it represents a $19Trillion value-at-stake over the next 10 years. In her keynote at @ThingsExpo, Manjula Talreja, VP of Cisco Consulting Services, discussed IoE and the enormous opportunities it provides to public and private firms alike. She will share what businesses must do to thrive in the IoE economy, citing examples from several industry sectors.
Jul. 28, 2015 11:00 AM EDT Reads: 2,042
There will be 150 billion connected devices by 2020. New digital businesses have already disrupted value chains across every industry. APIs are at the center of the digital business. You need to understand what assets you have that can be exposed digitally, what their digital value chain is, and how to create an effective business model around that value chain to compete in this economy. No enterprise can be complacent and not engage in the digital economy. Learn how to be the disruptor and not the disruptee.
Jul. 27, 2015 10:00 AM EDT Reads: 2,029
Akana has released Envision, an enhanced API analytics platform that helps enterprises mine critical insights across their digital eco-systems, understand their customers and partners and offer value-added personalized services. “In today’s digital economy, data-driven insights are proving to be a key differentiator for businesses. Understanding the data that is being tunneled through their APIs and how it can be used to optimize their business and operations is of paramount importance,” said Alistair Farquharson, CTO of Akana.
Jul. 27, 2015 09:00 AM EDT Reads: 324
Business as usual for IT is evolving into a "Make or Buy" decision on a service-by-service conversation with input from the LOBs. How does your organization move forward with cloud? In his general session at 16th Cloud Expo, Paul Maravei, Regional Sales Manager, Hybrid Cloud and Managed Services at Cisco, discusses how Cisco and its partners offer a market-leading portfolio and ecosystem of cloud infrastructure and application services that allow you to uniquely and securely combine cloud business applications and services across multiple cloud delivery models.
Jul. 27, 2015 08:00 AM EDT Reads: 1,903
The enterprise market will drive IoT device adoption over the next five years. In his session at @ThingsExpo, John Greenough, an analyst at BI Intelligence, division of Business Insider, analyzed how companies will adopt IoT products and the associated cost of adopting those products. John Greenough is the lead analyst covering the Internet of Things for BI Intelligence- Business Insider’s paid research service. Numerous IoT companies have cited his analysis of the IoT. Prior to joining BI Intelligence, he worked analyzing bank technology for Corporate Insight and The Clearing House Payment...
Jul. 26, 2015 09:00 PM EDT Reads: 1,573
"Optimal Design is a technology integration and product development firm that specializes in connecting devices to the cloud," stated Joe Wascow, Co-Founder & CMO of Optimal Design, in this SYS-CON.tv interview at @ThingsExpo, held June 9-11, 2015, at the Javits Center in New York City.
Jul. 25, 2015 02:00 PM EDT Reads: 390
SYS-CON Events announced today that CommVault has been named “Bronze Sponsor” of SYS-CON's 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. A singular vision – a belief in a better way to address current and future data management needs – guides CommVault in the development of Singular Information Management® solutions for high-performance data protection, universal availability and simplified management of data on complex storage networks. CommVault's exclusive single-platform architecture gives companies unp...
Jul. 25, 2015 01:00 PM EDT Reads: 1,957
Electric Cloud and Arynga have announced a product integration partnership that will bring Continuous Delivery solutions to the automotive Internet-of-Things (IoT) market. The joint solution will help automotive manufacturers, OEMs and system integrators adopt DevOps automation and Continuous Delivery practices that reduce software build and release cycle times within the complex and specific parameters of embedded and IoT software systems.
Jul. 25, 2015 12:15 PM EDT Reads: 461
"ciqada is a combined platform of hardware modules and server products that lets people take their existing devices or new devices and lets them be accessible over the Internet for their users," noted Geoff Engelstein of ciqada, a division of Mars International, in this SYS-CON.tv interview at @ThingsExpo, held June 9-11, 2015, at the Javits Center in New York City.
Jul. 25, 2015 12:00 PM EDT Reads: 1,536
Internet of Things is moving from being a hype to a reality. Experts estimate that internet connected cars will grow to 152 million, while over 100 million internet connected wireless light bulbs and lamps will be operational by 2020. These and many other intriguing statistics highlight the importance of Internet powered devices and how market penetration is going to multiply many times over in the next few years.
Jul. 25, 2015 09:00 AM EDT Reads: 1,488