CAIRO: Egypt’s Orascom Construction Industries sees a 20 to 30 percent increase in its revenues from construction in 2009, Chief Executive Officer Nassef Sawiris told Reuters yesterday.
OCI, Egypt’s largest listed builder and fertilizer maker, said its construction group secured a record $5.47 billion in new orders in 2008 and ended the year with a consolidated construction backlog of $6.93 billion.
The company reported that its net profit from continued operations for 2008 more than trebled to $719.8 million. Consolidated revenue jumped 56.2 percent to $3.720 billion. “Construction revenue will grow ... 20 to 30 percent,” said Sawiris, an Egyptian billionaire worth $3.1 billion according to Forbes magazine. He did not give a comparative figure for 2008. OCI has operations in countries that include Egypt, Algeria, Qatar, the United Arab Emirates and Saudi Arabia.