Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  DUBAI INTERNATIONAL FINANCIAL EXCHANGE LTD.  >  Orascom Construction PLC    OC   AEDFXA14NUL7

ORASCOM CONSTRUCTION PLC

(OC)
  Report
SummaryNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector news

Siemens signs 8 billion euro power deal with Egypt

06/03/2015 | 12:39pm EST
People enter a building of Siemens in Berlin

BERLIN (Reuters) - German industrial company Siemens (>> Siemens AG) signed an 8 billion euro deal ($9 billion) with Egypt on Wednesday to supply gas and wind power plants to boost the North African country's electricity generation by 50 percent.

BERLIN (Reuters) - German industrial company Siemens (>> Siemens AG) signed an 8 billion euro deal ($9 billion) with Egypt on Wednesday to supply gas and wind power plants to boost the North African country's electricity generation by 50 percent.

The deal, signed during an official visit of Egyptian President Abdel Fattah al-Sisi to Germany, is Siemens' single biggest order and gives a much-needed boost to its gas and power division which is struggling at home.

The orders expand on memorandums of understanding announced in March with Siemens and other suppliers including General Electric (GE) (>> General Electric Company) as Egypt strives to improve its creaking national grid.

The deal could put the German company, which started doing business in Egypt in 1859, ahead of arch-rival GE. GE said this year it had a 30 percent market share while Siemens claimed a share of 25 percent before the deal.

Egypt is going through its worst energy crisis in decades, with power cuts common as its ageing state-run infrastructure struggles to handle rapidly growing demand for electricity in a country of 87 million people.

Siemens said the installations, when completed, would add 16.4 gigawatts (GW) to Egypt's national grid.

The order includes 24 Siemens' H-Class gas turbines, adding to just 48 Siemens has sold so far. They will power three new gas plants which Siemens said would be the largest in the world.

Orascom Construction (OC) <oras.ca> (>> Orascom Construction Ltd), an engineering and building business dual-listed in Cairo and Dubai, said it would construct in consortium with Siemens two combined cycle plants with a total generation capacity of 9.6 GW.

OC said in a statement its combined share of the contracts was 1.6 billion euros and would be financed by the Egyptian Electricity Holding Company.

Siemens has also built an H-Class turbine-powered plant in Irsching, Bavaria, but it will be shut next year as it is pushed out of business by competition from renewable energy.

Siemens Chief Executive Joe Kaeser said last month he had resigned himself to never selling another gas turbine in Germany.

The Egypt order includes 12 wind farms in the Gulf of Suez and West Nile areas, comprising about 600 wind turbines and an installed capacity of 2 GW.

Siemens will build a rotor blade manufacturing facility that will provide training and employment for up to 1,000 people and is scheduled to go into operation in the second half of 2017.

The deal will be financed by Siemens Financial Services, supported by export credit agencies in Germany and Denmark, Siemens said.

(Additional reporting by Stephan Kalin in Cairo; Editing by David Evans and David Clarke)

By Georgina Prodhan


© Reuters 2015
Stocks mentioned in the article
ChangeLast1st jan.
CLARKE INC. -0.71% 6.95 Delayed Quote.4.04%
DUAL CO., LTD. 0.39% 3900 End-of-day quote.15.56%
GENERAL ELECTRIC COMPANY 0.80% 11.38 Delayed Quote.5.37%
ORASCOM CONSTRUCTION PLC End-of-day quote.
SIEMENS AG -1.90% 126.82 Delayed Quote.10.06%
All news about ORASCOM CONSTRUCTION PLC
2020ORASCOM CONSTRUCTION PLC : Dividends
CO
2020ORASCOM CONSTRUCTION : Egypt plans big rail expansion, nears agreement with Bech..
RE
2020ORASCOM CONSTRUCTION PLC : 3rd quarter results
CO
2020ORASCOM CONSTRUCTION PLC : 2nd quarter report
CO
2020ORASCOM CONSTRUCTION PLC : 3rd quarter report
CO
2020ORASCOM CONSTRUCTION PLC : 2nd quarter earnings
CO
2020ORASCOM CONSTRUCTION PLC : 1st quarter report
CO
2020ORASCOM CONSTRUCTION PLC : Annual results
CO
2020ORASCOM CONSTRUCTION PLC : Slide show results
CO
2020A flurry of news in the global auto industry
More news
Financials (USD)
Sales 2020 3 200 M - -
Net income 2020 73,9 M - -
Net cash 2020 197 M - -
P/E ratio 2020 10,9x
Yield 2020 4,60%
Capitalization 635 M 635 M -
EV / Sales 2020 0,14x
EV / Sales 2021 0,13x
Nbr of Employees 21 472
Free-Float 42,4%
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 4
Average target price 9,26 $
Last Close Price 5,44 $
Spread / Highest target 85,8%
Spread / Average Target 70,4%
Spread / Lowest Target 46,8%
EPS Revisions
Managers and Directors
NameTitle
Osama Anwar Bishai Chief Executive Officer & Executive Director
Jérôme Guiraud Chairman
Maged Albert Eqladios Abadir Chief Operations Officer
Mark Littel Group Chief Financial Officer
Sami Farid Haddad Independent Non-Executive Director
Sector and Competitors