Orascom Development Holding AG

Record Revenue and Earnings - OCI second quarter revenue increases 72%, EBITDA grows 36% and net income rises 68%

    Cairo, Egypt (ots) - Orascom Construction Industries (stock
symbols: OCIC.CA / ORCI EY / OCICq.L / ORSD LI) announced
consolidated revenue of LE 1,232.4 million with a gross profit of LE
264.1 million (21.4% of revenue), earnings before interest, tax,
depreciation and amortization (EBITDA)of LE 286.8 million (23.3% of
revenue), and net income of LE 135.2 million (11.0% of revenue) for
the second quarter ended 30 June 2003.
    
    Last year, OCI had consolidated revenue for the second quarter
ended 30 June 2002 of LE 714.5 million with a gross profit of LE
200.7 million (28.1%), EBITDA of LE 210.8 million (29.5%), and net
income of LE 80.4 million (11.3%).
    
    For the six months ended 30 June 2003, OCI had consolidated
revenue of LE 2,251.4 million (2002, 1,290.1 million) with a gross
profit of LE 455.8 million (20.2%) (2002, LE 363.3 million (28.2%)),
EBITDA of LE 497.3 million (22.1%)(2002, LE 384.5 million (29.8%) and
net income of LE 255.3 million (11.3%)(2002, LE 156.5 million
(12.1%)).
    
    OCI Chief Executive Officer, Mr. Nassef Sawiris commented
"Construction opportunities throughout the region have surged in
recent months and our businesses continue to secure new contracts
both in Egypt and abroad.  Revenue from our Construction Group is up
138% over last year and LE 431 million of new work was added during
the quarter.  OCI secured its first ever contract in Kuwait, Contrack
International is well positioned to benefit from the reconstruction
work in the region, and Cementech, our new subsidiary specializing in
cement plant construction, expects to participate in several major
projects in the region in the coming months.  Despite a rebound in
local cement prices during the quarter, prices continue to be the
lowest in the region.  Egyptian Cement Company continues to benefit
from an increase in demand in neighbouring countries and cement
exports represented 29% of total revenue during the quarter.
Construction work at Algerian Cement Company is moving into high
gear.  Cement grinding operations will begin in early September as
planned and we now expect to fire the kiln five months ahead of
schedule."
    
    OCI focuses on three high growth business activities -
construction services, cement manufacturing and infrastructure
concessions. Our Construction Group provides engineering, procurement
and construction services on industrial, commercial, infrastructure
and railway projects for public and private customers in the Middle
East and North Africa. Our Cement Group owns and operates cement
production plants in Egypt and Algeria. Our Concessions Group
participates as an equity investor in long-term infrastructure
concessions including port operations, industrial parks and natural
gas distribution systems.
    
      This information is provided by RNS
      The company news service from the London Stock Exchange
    
ots Originaltext: Orascom Development Holding AG
Internet: www.newsaktuell.ch

Kontakt:
Hassan H. Badrawi
Investor Relations Manager
Phone:  20-2-301-5477
E-Mail: hassanbadrawi@link.net



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