Net income climbed to 1.09 billion Egyptian pounds ($182 million) from 839.7 million pounds a year earlier, the Cairo- based company said in a statement on its website today. Orascom, which owns fertilizer assets in Egypt, Algeria, the Netherlands and a recently-announced joint-venture in Brazil, said it will take full control of Texas-based Pandora Methanol LLC after acquiring stock from minority shareholders.
So-called “average netbacks” on third-quarter urea sales rose more than 25 percent from the previous quarter, the company said. “Nitrogen-based fertilizer prices have been stable with a favorable outlook,” Orascom added.
Construction backlog rose 13.6 percent from the previous quarter, bringing contract awards for the first nine months of the year to $2.74 billion, the company said.
Orascom shares fell 3.2 percent yesterday to 220.35 pounds, giving the company a market value of 45.59 billion pounds. The shares have declined 23 percent for the year compared to a 44 percent drop for Egypt’s benchmark EGX 30 Index. (EGX30)
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