Click here to close now.

Welcome!

.NET Authors: Carmen Gonzalez, Elizabeth White, Liz McMillan, Greg O'Connor, Jason Bloomberg

News Feed Item

OCI Announces 9M 2012 Results

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

Contacts:
RNS
Customer
Services
0044-207797-4400
Email Contact
http://www.rns.com

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

@ThingsExpo Stories
The best mobile applications are augmented by dedicated servers, the Internet and Cloud services. Mobile developers should focus on one thing: writing the next socially disruptive viral app. Thanks to the cloud, they can focus on the overall solution, not the underlying plumbing. From iOS to Android and Windows, developers can leverage cloud services to create a common cross-platform backend to persist user settings, app data, broadcast notifications, run jobs, etc. This session provides a high level technical overview of many cloud services available to mobile app developers, includi...
“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.
Health care systems across the globe are under enormous strain, as facilities reach capacity and costs continue to rise. M2M and the Internet of Things have the potential to transform the industry through connected health solutions that can make care more efficient while reducing costs. In fact, Vodafone's annual M2M Barometer Report forecasts M2M applications rising to 57 percent in health care and life sciences by 2016. Lively is one of Vodafone's health care partners, whose solutions enable older adults to live independent lives while staying connected to loved ones. M2M will continue to gr...
SYS-CON Events announced today that Ciqada will exhibit at SYS-CON's @ThingsExpo, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Ciqada™ makes it easy to connect your products to the Internet. By integrating key components - hardware, servers, dashboards, and mobile apps - into an easy-to-use, configurable system, your products can quickly and securely join the internet of things. With remote monitoring, control, and alert messaging capability, you will meet your customers' needs of tomorrow - today! Ciqada. Let your products take flight. For more inform...
Containers and microservices have become topics of intense interest throughout the cloud developer and enterprise IT communities. Accordingly, attendees at the upcoming 16th Cloud Expo at the Javits Center in New York June 9-11 will find fresh new content in a new track called PaaS | Containers & Microservices Containers are not being considered for the first time by the cloud community, but a current era of re-consideration has pushed them to the top of the cloud agenda. With the launch of Docker's initial release in March of 2013, interest was revved up several notches. Then late last...
While not quite mainstream yet, WebRTC is starting to gain ground with Carriers, Enterprises and Independent Software Vendors (ISV’s) alike. WebRTC makes it easy for developers to add audio and video communications into their applications by using Web browsers as their platform. But like any market, every customer engagement has unique requirements, as well as constraints. And of course, one size does not fit all. In her session at WebRTC Summit, Dr. Natasha Tamaskar, Vice President, Head of Cloud and Mobile Strategy at GENBAND, will explore what is needed to take a real time communications ...
SYS-CON Media announced today that @WebRTCSummit Blog, the largest WebRTC resource in the world, has been launched. @WebRTCSummit Blog offers top articles, news stories, and blog posts from the world's well-known experts and guarantees better exposure for its authors than any other publication. @WebRTCSummit Blog can be bookmarked ▸ Here @WebRTCSummit conference site can be bookmarked ▸ Here
Dave will share his insights on how Internet of Things for Enterprises are transforming and making more productive and efficient operations and maintenance (O&M) procedures in the cleantech industry and beyond. Speaker Bio: Dave Landa is chief operating officer of Cybozu Corp (kintone US). Based in the San Francisco Bay Area, Dave has been on the forefront of the Cloud revolution driving strategic business development on the executive teams of multiple leading Software as a Services (SaaS) application providers dating back to 2004. Cybozu's kintone.com is a leading global BYOA (Build Your O...
SYS-CON Events announced today that GENBAND, a leading developer of real time communications software solutions, has been named “Silver Sponsor” of SYS-CON's WebRTC Summit, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. The GENBAND team will be on hand to demonstrate their newest product, Kandy. Kandy is a communications Platform-as-a-Service (PaaS) that enables companies to seamlessly integrate more human communications into their Web and mobile applications - creating more engaging experiences for their customers and boosting collaboration and productiv...
SYS-CON Events announced today that BroadSoft, the leading global provider of Unified Communications and Collaboration (UCC) services to operators worldwide, has been named “Gold Sponsor” of SYS-CON's WebRTC Summit, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. BroadSoft is the leading provider of software and services that enable mobile, fixed-line and cable service providers to offer Unified Communications over their Internet Protocol networks. The Company’s core communications platform enables the delivery of a range of enterprise and consumer calling...
The 17th International Cloud Expo has announced that its Call for Papers is open. 17th International Cloud Expo, to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, APM, APIs, Microservices, Security, Big Data, Internet of Things, DevOps and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit your speaking proposal today!
So I guess we’ve officially entered a new era of lean and mean. I say this with the announcement of Ubuntu Snappy Core, “designed for lightweight cloud container hosts running Docker and for smart devices,” according to Canonical. “Snappy Ubuntu Core is the smallest Ubuntu available, designed for security and efficiency in devices or on the cloud.” This first version of Snappy Ubuntu Core features secure app containment and Docker 1.6 (1.5 in main release), is available on public clouds, and for ARM and x86 devices on several IoT boards. It’s a Trend! This announcement comes just as...
What exactly is a cognitive application? In her session at 16th Cloud Expo, Ashley Hathaway, Product Manager at IBM Watson, will look at the services being offered by the IBM Watson Developer Cloud and what that means for developers and Big Data. She'll explore how IBM Watson and its partnerships will continue to grow and help define what it means to be a cognitive service, as well as take a look at the offerings on Bluemix. She will also check out how Watson and the Alchemy API team up to offer disruptive APIs to developers.
The IoT Bootcamp is coming to Cloud Expo | @ThingsExpo on June 9-10 at the Javits Center in New York. Instructor. Registration is now available at http://iotbootcamp.sys-con.com/ Instructor Janakiram MSV previously taught the famously successful Multi-Cloud Bootcamp at Cloud Expo | @ThingsExpo in November in Santa Clara. Now he is expanding the focus to Janakiram is the founder and CTO of Get Cloud Ready Consulting, a niche Cloud Migration and Cloud Operations firm that recently got acquired by Aditi Technologies. He is a Microsoft Regional Director for Hyderabad, India, and one of the f...
In 2015, 4.9 billion connected "things" will be in use. By 2020, Gartner forecasts this amount to be 25 billion, a 410 percent increase in just five years. How will businesses handle this rapid growth of data? Hadoop will continue to improve its technology to meet business demands, by enabling businesses to access/analyze data in real time, when and where they need it. Cloudera's Chief Technologist, Eli Collins, will discuss how Big Data is keeping up with today's data demands and how in the future, data and analytics will be pervasive, embedded into every workflow, application and infra...
As Marc Andreessen says software is eating the world. Everything is rapidly moving toward being software-defined – from our phones and cars through our washing machines to the datacenter. However, there are larger challenges when implementing software defined on a larger scale - when building software defined infrastructure. In his session at 16th Cloud Expo, Boyan Ivanov, CEO of StorPool, will provide some practical insights on what, how and why when implementing "software-defined" in the datacenter.
SYS-CON Media announced today that @ThingsExpo Blog launched with 7,788 original stories. @ThingsExpo Blog offers top articles, news stories, and blog posts from the world's well-known experts and guarantees better exposure for its authors than any other publication. @ThingsExpo Blog can be bookmarked. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago.
The world's leading Cloud event, Cloud Expo has launched Microservices Journal on the SYS-CON.com portal, featuring over 19,000 original articles, news stories, features, and blog entries. DevOps Journal is focused on this critical enterprise IT topic in the world of cloud computing. Microservices Journal offers top articles, news stories, and blog posts from the world's well-known experts and guarantees better exposure for its authors than any other publication. Follow new article posts on Twitter at @MicroservicesE
SYS-CON Events announced today that robomq.io will exhibit at SYS-CON's @ThingsExpo, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. robomq.io is an interoperable and composable platform that connects any device to any application. It helps systems integrators and the solution providers build new and innovative products and service for industries requiring monitoring or intelligence from devices and sensors.
Wearable technology was dominant at this year’s International Consumer Electronics Show (CES) , and MWC was no exception to this trend. New versions of favorites, such as the Samsung Gear (three new products were released: the Gear 2, the Gear 2 Neo and the Gear Fit), shared the limelight with new wearables like Pebble Time Steel (the new premium version of the company’s previously released smartwatch) and the LG Watch Urbane. The most dramatic difference at MWC was an emphasis on presenting wearables as fashion accessories and moving away from the original clunky technology associated with t...