CAIRO // Orascom Construction, Egypt's largest listed company, has posted a 76.1 per cent rise in profit for the fourth quarter of last year.
The result belies the fact that its core market is now ensnared in strikes and protests nearly a month after the turmoil that toppled the country's president.
The company announced profits of US$186 million (Dh683.1m) for the final three months of the year, after a bumper quarter for its fertiliser division. Chet Riley, an analyst at Nomura Securities, said the company "had very comprehensive quarterly results, with revenue and earnings growth from both business strands". Its business was "supported by very high underlying fertiliser pricing and increasing margins".
The company's stock is listed on both the London Stock Exchange and the Egyptian Exchange in Cairo, but the latter has been closed since January 27. Its London-listed global depository receipts were about 1 per cent higher in mid-afternoon trading yesterday, at $36, after falling to their lowest level in two years last month.
Orascom Construction has also managed to win contracts during the uprisings in Egypt. The company said it won $50m worth of contracts last month alone and was bidding for new projects. It has also managed to diversify away from Egypt, with the construction side of the business generating 70 per cent of revenue from outside the country in the fourth quarter, its financial statements show.
Nassef Sawiris, the chairman of Orascom Construction, gave a terse summary of the impact of Egypt's political change on the company: "Despite disruptions due to political unrest in Egypt, our fertiliser production facilities continued to produce at normal operating rates. The construction group lost six days of construction site activity during the month, but work sites resumed activity immediately thereafter."
Mr Sawiris is a member of a powerful Egyptian family that has avoided the widespread investigations of corruption within its businesses. Some of the most prominent industrial tycoons, such as Ahmed Ezz of Ezz Steel, have been arrested in recent weeks as complaints soar at the prosecutor's office.
Mr Sawiris's brother, Naguib, who runs Orascom Telecom, has been an important figure on behalf of the business community since protests began on January 25. He took part in a widely watched television debate last week with Ahmed Shafiq, the former prime minister.
Observers say the trenchant criticisms of Mr Shafiq by Mr Sawiris and others led to his resignation.
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Selma Abdelhamid, the group's moderator, offers her guide to guide the cost of having a young family:
• Buy second hand stuff
They grow so fast. Don't get a second hand car seat though, unless you 100 per cent know it's not expired and hasn't been in an accident.
• Get a health card and vaccinate your child for free at government health centres
Ms Ma says she discovered this after spending thousands on vaccinations at private clinics.
• Join mum and baby coffee mornings provided by clinics, babysitting companies or nurseries.
Before joining baby classes ask for a free trial session. This way you will know if it's for you or not. You'll be surprised how great some classes are and how bad others are.
• Once baby is ready for solids, cook at home
Take the food with you in reusable pouches or jars. You'll save a fortune and you'll know exactly what you're feeding your child.
Tips for newlyweds to better manage finances
All couples are unique and have to create a financial blueprint that is most suitable for their relationship, says Vijay Valecha, chief investment officer at Century Financial. He offers his top five tips for couples to better manage their finances.
Discuss your assets and debts: When married, it’s important to understand each other’s personal financial situation. It’s necessary to know upfront what each party brings to the table, as debts and assets affect spending habits and joint loan qualifications. Discussing all aspects of their finances as a couple prevents anyone from being blindsided later.
Decide on the financial/saving goals: Spouses should independently list their top goals and share their lists with one another to shape a joint plan. Writing down clear goals will help them determine how much to save each month, how much to put aside for short-term goals, and how they will reach their long-term financial goals.
Set a budget: A budget can keep the couple be mindful of their income and expenses. With a monthly budget, couples will know exactly how much they can spend in a category each month, how much they have to work with and what spending areas need to be evaluated.
Decide who manages what: When it comes to handling finances, it’s a good idea to decide who manages what. For example, one person might take on the day-to-day bills, while the other tackles long-term investments and retirement plans.
Money date nights: Talking about money should be a healthy, ongoing conversation and couples should not wait for something to go wrong. They should set time aside every month to talk about future financial decisions and see the progress they’ve made together towards accomplishing their goals.
Ferrari
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