|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
As more intelligent IoT applications shift into gear, they’re merging into the ever-increasing traffic flow of the Internet. It won’t be long before we experience bottlenecks, as IoT traffic peaks during rush hours. Organizations that are unprepared will find themselves by the side of the road unable to cross back into the fast lane. As billions of new devices begin to communicate and exchange data – will your infrastructure be scalable enough to handle this new interconnected world?
Oct. 13, 2015 02:00 PM EDT Reads: 108
This week, the team assembled in NYC for @Cloud Expo 2015 and @ThingsExpo 2015. For the past four years, this has been a must-attend event for MetraTech. We were happy to once again join industry visionaries, colleagues, customers and even competitors to share and explore the ways in which the Internet of Things (IoT) will impact our industry. Over the course of the show, we discussed the types of challenges we will collectively need to solve to capitalize on the opportunity IoT presents.
Oct. 13, 2015 02:00 PM EDT
SYS-CON Events announced today that Super Micro Computer, Inc., a global leader in high-performance, high-efficiency server, storage technology and green computing, 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. Supermicro (NASDAQ: SMCI), the leading innovator in high-performance, high-efficiency server technology is a premier provider of advanced server Building Block Solutions® for Data Center, Cloud Computing, Enterprise IT, Hadoop/Big Data, HPC and Embedded Systems worldwide. Supermi...
Oct. 13, 2015 01:45 PM EDT Reads: 223
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo in Silicon Valley. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 17th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal an...
Oct. 13, 2015 01:00 PM EDT Reads: 214
The Internet of Things (IoT) is growing rapidly by extending current technologies, products and networks. By 2020, Cisco estimates there will be 50 billion connected devices. Gartner has forecast revenues of over $300 billion, just to IoT suppliers. Now is the time to figure out how you’ll make money – not just create innovative products. With hundreds of new products and companies jumping into the IoT fray every month, there’s no shortage of innovation. Despite this, McKinsey/VisionMobile data shows "less than 10 percent of IoT developers are making enough to support a reasonably sized team....
Oct. 13, 2015 01:00 PM EDT Reads: 345
The IoT market is on track to hit $7.1 trillion in 2020. The reality is that only a handful of companies are ready for this massive demand. There are a lot of barriers, paint points, traps, and hidden roadblocks. How can we deal with these issues and challenges? The paradigm has changed. Old-style ad-hoc trial-and-error ways will certainly lead you to the dead end. What is mandatory is an overarching and adaptive approach to effectively handle the rapid changes and exponential growth.
Oct. 13, 2015 01:00 PM EDT Reads: 341
Developing software for the Internet of Things (IoT) comes with its own set of challenges. Security, privacy, and unified standards are a few key issues. In addition, each IoT product is comprised of at least three separate application components: the software embedded in the device, the backend big-data service, and the mobile application for the end user's controls. Each component is developed by a different team, using different technologies and practices, and deployed to a different stack/target - this makes the integration of these separate pipelines and the coordination of software upd...
Oct. 13, 2015 12:00 PM EDT Reads: 414
As a company adopts a DevOps approach to software development, what are key things that both the Dev and Ops side of the business must keep in mind to ensure effective continuous delivery? In his session at DevOps Summit, Mark Hydar, Head of DevOps, Ericsson TV Platforms, will share best practices and provide helpful tips for Ops teams to adopt an open line of communication with the development side of the house to ensure success between the two sides.
Oct. 13, 2015 12:00 PM EDT Reads: 696
The IoT is upon us, but today’s databases, built on 30-year-old math, require multiple platforms to create a single solution. Data demands of the IoT require Big Data systems that can handle ingest, transactions and analytics concurrently adapting to varied situations as they occur, with speed at scale. In his session at @ThingsExpo, Chad Jones, chief strategy officer at Deep Information Sciences, will look differently at IoT data so enterprises can fully leverage their IoT potential. He’ll share tips on how to speed up business initiatives, harness Big Data and remain one step ahead by apply...
Oct. 13, 2015 12:00 PM EDT Reads: 749
There will be 20 billion IoT devices connected to the Internet soon. What if we could control these devices with our voice, mind, or gestures? What if we could teach these devices how to talk to each other? What if these devices could learn how to interact with us (and each other) to make our lives better? What if Jarvis was real? How can I gain these super powers? In his session at 17th Cloud Expo, Chris Matthieu, co-founder and CTO of Octoblu, will show you!
Oct. 13, 2015 12:00 PM EDT Reads: 302
Today air travel is a minefield of delays, hassles and customer disappointment. Airlines struggle to revitalize the experience. GE and M2Mi will demonstrate practical examples of how IoT solutions are helping airlines bring back personalization, reduce trip time and improve reliability. In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect with GE, and Dr. Sarah Cooper, M2Mi's VP Business Development and Engineering, will explore the IoT cloud-based platform technologies driving this change including privacy controls, data transparency and integration of real time context w...
Oct. 13, 2015 11:00 AM EDT Reads: 308
The Internet of Everything is re-shaping technology trends–moving away from “request/response” architecture to an “always-on” Streaming Web where data is in constant motion and secure, reliable communication is an absolute necessity. As more and more THINGS go online, the challenges that developers will need to address will only increase exponentially. In his session at @ThingsExpo, Todd Greene, Founder & CEO of PubNub, will explore the current state of IoT connectivity and review key trends and technology requirements that will drive the Internet of Things from hype to reality.
Oct. 13, 2015 11:00 AM EDT Reads: 321
SYS-CON Events announced today that Sandy Carter, IBM General Manager Cloud Ecosystem and Developers, and a Social Business Evangelist, will keynote 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.
Oct. 13, 2015 10:00 AM EDT Reads: 253
"Matrix is an ambitious open standard and implementation that's set up to break down the fragmentation problems that exist in IP messaging and VoIP communication," explained John Woolf, Technical Evangelist at Matrix, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Oct. 13, 2015 07:00 AM EDT Reads: 6,011
Nowadays, a large number of sensors and devices are connected to the network. Leading-edge IoT technologies integrate various types of sensor data to create a new value for several business decision scenarios. The transparent cloud is a model of a new IoT emergence service platform. Many service providers store and access various types of sensor data in order to create and find out new business values by integrating such data.
Oct. 13, 2015 04:00 AM EDT Reads: 686
There are so many tools and techniques for data analytics that even for a data scientist the choices, possible systems, and even the types of data can be daunting. In his session at @ThingsExpo, Chris Harrold, Global CTO for Big Data Solutions for EMC Corporation, will show how to perform a simple, but meaningful analysis of social sentiment data using freely available tools that take only minutes to download and install. Participants will get the download information, scripts, and complete end-to-end walkthrough of the analysis from start to finish. Participants will also be given the pract...
Oct. 13, 2015 03:00 AM EDT Reads: 411
Too often with compelling new technologies market participants become overly enamored with that attractiveness of the technology and neglect underlying business drivers. This tendency, what some call the “newest shiny object syndrome,” is understandable given that virtually all of us are heavily engaged in technology. But it is also mistaken. Without concrete business cases driving its deployment, IoT, like many other technologies before it, will fade into obscurity.
Oct. 13, 2015 03:00 AM EDT Reads: 263
WebRTC services have already permeated corporate communications in the form of videoconferencing solutions. However, WebRTC has the potential of going beyond and catalyzing a new class of services providing more than calls with capabilities such as mass-scale real-time media broadcasting, enriched and augmented video, person-to-machine and machine-to-machine communications. In his session at @ThingsExpo, Luis Lopez, CEO of Kurento, will introduce the technologies required for implementing these ideas and some early experiments performed in the Kurento open source software community in areas ...
Oct. 13, 2015 12:45 AM EDT Reads: 856
Electric power utilities face relentless pressure on their financial performance, and reducing distribution grid losses is one of the last untapped opportunities to meet their business goals. Combining IoT-enabled sensors and cloud-based data analytics, utilities now are able to find, quantify and reduce losses faster – and with a smaller IT footprint. Solutions exist using Internet-enabled sensors deployed temporarily at strategic locations within the distribution grid to measure actual line loads.
Oct. 13, 2015 12:00 AM EDT Reads: 277
“In the past year we've seen a lot of stabilization of WebRTC. You can now use it in production with a far greater degree of certainty. A lot of the real developments in the past year have been in things like the data channel, which will enable a whole new type of application," explained Peter Dunkley, Technical Director at Acision, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Oct. 12, 2015 11:15 PM EDT Reads: 7,129