Saturday, May 18, 2013
BEIRUT (Zawya Dow Jones)--Netherlands-based fertilizer producer and construction firm OCI N.V. (OCI.AE) said its consolidated revenues are estimated to have increased between 10% and 20% in the first quarter of 2013 compared with a year earlier.
OCI N.V., which is currently engaged in a deal to acquire all the Cairo-listed shares of its Egyptian subsidiary Orascom Construction Industries (OCIC.CI), or OCI, said that its sales of nitrogen-based fertilizers grew to 1.57 million metric tons in the first quarter from 1.33 million tons a year earlier.
"Consolidated revenues are estimated to have increased between 10% and 20% vis--vis the same period in 2012 with flat EBITDA on the back of lower construction margins and reduced output at its Egyptian plants due to natural gas supply interruptions," the company said in a trading update.
It said in a statement that the value of the deals awarded to its construction division dropped to $700 million from $841 million in the first quarter of 2012.
OCI N.V.'s construction group's "consolidated backlog as at 31 March 2013 stood at $6.8 billion reflecting a decrease of 3% over the backlog as at 31 December 2012 and an increase of 5% over the same period last year," according to the statement.
The company said that it will file the necessary documentation and work closely with the Egyptian Financial Supervisory Authority in order to get its approval for launching an exchange offer on the Egypt-listed shares of OCI against shares in OCI N.V.
Write to Shikrallah Nakhoul at shikrallah@zawya.com
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(END) Dow Jones Newswires
18-05-13 0822GMT
