Egypt's Orascom Construction Industries (OCI) said on Sunday it had almost doubled net income in the first-half of 2004 to 502.8 million Egyptian pounds ($80.8m) compared to a year ago.
Two analysts had forecast OCI would report a net profit of between 490 million and 500 million pounds for the six-month period to June 30, 2004.
The regional construction and buildings materials company reported a net profit of 255.3 million pounds in the first half of 2003.
Earlier, analysts said OCI was benefiting from surging Egyptian cement prices and steadily expanding work abroad including business in Gulf Arab states and Algeria. OCI said in May it had started work opening a subsidiary in Libya.
OCI Chief Executive Officer Nassef Sawiris said in a statement that OCI's new partnership with Belgian firm BESIX Group would create value and strong regional synergies. In OCI's cement business he said there had been strong sales in Algeria and improved export prices from Egypt and the company was seeking further expansion.