Nassef Sawiris’ OCI turns to profitability in H1-2015

Orascom Construction Industries (OCI), owned by Egyptian tycoon Nassef Sawiris, posted a first half net profit worth 1.4 billion Egyptian pounds (US$178.8 million).

During the first half of 2014, OCI reported losses worth around 212 million pounds.

OCI’s consolidated business results for the first half of 2015 also revealed Sunday that the group recorded revenues worth 3.7 billion pounds, compared to 4.3 billion pounds in the same period last year.

Meanwhile, OCI achieved a standalone net profit of 313.5 million pounds in the first half of 2015 from a net loss of 1.1 billion pounds a year earlier.