Egypt's Orascom Construction Industries eyes USD 1bn contracts in MENA.

By bne IntelliNews September 7, 2011
Egypt's Orascom Construction Industries (OCI) is in advanced talks to implement USD 1bn worth of projects in several countries in the MENA region, the company said in a statement. OCI is eyeing Egypt, the UAE, Iraq, Morocco and Saudi Arabia, The company's total revenues grew by 17.5% y/y to EGP 16.1bn (USD 2.7bn) in the first half of 2011. EBITDA increased by 38.2% y/y to EGP 4.1bn (USD 695.3mn). The consolidated EBITDA margin reached 25.4% and the construction group margin stood at 14.6%. OCIs net income surged by 42.4% y/y to EGP 2.2bn (USD 371.3mn) in the first half of the year. In Q2 alone, the company's net income increased by 14.7% y/y to EGP 985.4mn (USD 165.2mn). OCI secured USD 1bn in new construction work during the second quarter of 2011 with new awards for the first half totalling USD 1.33bn.
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