Cairo-Orascom Construction Industries (OCI) reported a 41.3 percent drop in net income for the third quarter ending Sept. 30, 2009, to $120.7 million on sales from continuing operations of $933.4 million, versus the year-ago $205.5 million and $991.9 million, respectively. Nine-month net income was off 64 percent, to $328.7 million on sales of $2.85 billion, versus the year-ago $913 million and $2.7 billion, respectively. Overall, OCI’s fertilizer business contributed some 36.6 percent of the company’s nine-month 2009 EBITDA, which was a consolidated $566.6 million compared to the year-ago $733.9 million. Third-quarter EBITDA was $203.5 million, down from the year-ago $307.4 million. Urea volumes from the company’s Egyptian Fertilizer Co. (EFC) unit were 352,021 mt, at an average price of $250/mt for the third quarter and 1 million mt at $260/mt for the nine months. Ammonium sulfate volumes for the quarter and nine months were both 16,600 mt at $115/mt. Ammonia volumes from OCI’s EBIC unit were 134,453 mt at $218/mt for the quarter, and 204,554 mt at $212/mt for the nine months. Nine-month urea volumes from the EFT third-party trading unit were 139,049 mt for the nine months.
Transparency Across the Fertilizer Value-Chain