Cairo-Orascom Construction Industries (OCI) reported net income was up 39.8 percent for the fourth quarter ending Dec. 31, 2009, to US$105.8 million on revenues from continuing operations of $966.6 million, versus the year-ago $75.7 million and $1.02 billion, respectively. For the year, however, net income was off 55.9 percent, to $434.2 million on revenues of $3.82 billion, versus 2008’s $985 million and $3.72 billion. During 2009, OCI’s fertilizer group sold 1.358 million mt of urea at an average price of $266/mt, and 384,000 mt of ammonia at an average price of $251/mt. During the fourth quarter, urea prices rose 13.4 percent to $283/mt, while ammonia was up 26 percent, to $274/mt. OCI said it was optimistic that market conditions for the two products will continue to improve in 2010. The group has announced $200 million of new capital expenditure, including an upgrade of annual urea production capacity at Egyptian Fertilizers Co. to 1.6 million mt and the construction of a new ammonium sulfate line with an annual production capacity of 325,000 mt. These should contribute to results in 2012. Construction of new urea and ammonia capacity at Sorfert Algeria continues to progress well, with the plant 85.3 percent complete at year end (GM April 21, 2008). Commissioning of the new plant is expected to begin later this year, with full production in early 2011.
Transparency Across the Fertilizer Value-Chain