Orascom Construction Industries, Egypt's biggest listed company by market capitalisation, has a strong bank of contracts and some healthy looking windfalls on the horizon.
The fertilizer and construction company posted fourth-quarter profits of US$177 million, after deducting one-off costs of $53m, broadly in line with the expectations of JPMorgan analysts. Revenue for the quarter was $1.4 billion, 12 per cent above JPMorgan estimates. New construction awards of $1.6bn for the final quarter of last year takes OCI's year-end construction backlog to $6.4bn, up 7.6 per cent compared with the previous quarter and 14 per cent higher than a year earlier.
OCI also has some large cash injections lined up. The company owns a non-controlling minority stake of 13.5 per cent in the Nigerian-based Notore, which is preparing for an initial public offering. OCI plans to sell its stake when Notore lists, JPMorgan said. The company has also confirmed a potential sale of Gavilon in Canada, in which OCI owns a 16.8 per cent stake at a book value of $340m.
OCI has filed an application with the Egyptian Financial Supervisory Authority to hold an extraordinary general meeting for the demerger of its construction and fertilizer businesses into two concerns trading separately.
Fertilizers, which contributed $248m or 73 per cent of the group's fourth-quarter earnings before deductibles, will remain under OCI control and a new company will be formed to hold the construction business, Nassef Sawiris, OCI's chairman and chief executive, has said.
The company is due to hold its annual general meeting together with the demerger meeting this month. OCI's stock is likely to benefit from further disclosure of the company's financials after the demerger meeting, JPMorgan forecasts.
[ lmiller@thenational.ae ]
SPECS
Engine: Twin-turbocharged 4-litre V8
Power: 625 bhp
Torque: 630Nm
On sale: Now
Price: From Dh974,011
COMPANY PROFILE
Company name: Revibe
Started: 2022
Founders: Hamza Iraqui and Abdessamad Ben Zakour
Based: UAE
Industry: Refurbished electronics
Funds raised so far: $10m
Investors: Flat6Labs, Resonance and various others
UAE's final round of matches
- Sep 1, 2016 Beat Japan 2-1 (away)
- Sep 6, 2016 Lost to Australia 1-0 (home)
- Oct 6, 2016 Beat Thailand 3-1 (home)
- Oct 11, 2016 Lost to Saudi Arabia 3-0 (away)
- Nov 15, 2016 Beat Iraq 2-0 (home)
- Mar 23, 2017 Lost to Japan 2-0 (home)
- Mar 28, 2017 Lost to Australia 2-0 (away)
- June 13, 2017 Drew 1-1 with Thailand (away)
- Aug 29, 2017 v Saudi Arabia (home)
- Sep 5, 2017 v Iraq (away)
Visit Abu Dhabi culinary team's top Emirati restaurants in Abu Dhabi
Yadoo’s House Restaurant+& Cafe
For the karak and Yoodo's house platter with includes eggs, balaleet, khamir and chebab bread.
Golden Dallah
For the cappuccino, luqaimat and aseeda.
Al Mrzab Restaurant
For the shrimp murabian and Kuwaiti options including Kuwaiti machboos with kebab and spicy sauce.
Al Derwaza
For the fish hubul, regag bread, biryani and special seafood soup.
Sholto Byrnes on Myanmar politics
TWISTERS
Director:+Lee+Isaac+Chung
Starring:+Glen+Powell,+Daisy+Edgar-Jones,+Anthony+Ramos
Rating:+2.5/5
SPECS
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
In The Heights
Directed by: Jon M. Chu
Stars: Anthony Ramos, Lin-Manual Miranda
Rating: ****
ASIAN RUGBY CHAMPIONSHIP 2024
Results
Hong Kong 52-5 UAE
South Korea 55-5 Malaysia
Malaysia 6-70 Hong Kong
UAE 36-32 South Korea
Fixtures
Friday, June 21, 7.30pm kick-off: UAE v Malaysia
At The Sevens, Dubai (admission is free).
Saturday: Hong Kong v South Korea