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OCI Reports 29.3% Growth in EBITDA and 13.9% Rise in Net Income for FY 2011

Consolidated revenues increased 7.0% to US$ 1,410.4 million (EGP 8,955.8 million) versus US$ 1,318.3 million (EGP 7,574.6 million) in Q4 2010.

Group Reports Best Quarter since 2008 in Construction Awards

Summary of Consolidated Results for Q4 2011:

* Consolidated revenues increased 7.0% to US$ 1,410.4 million (EGP 8,955.8 million) versus US$ 1,318.3 million (EGP 7,574.6 million) in Q4 2010

* EBITDA increased 6.8% to US$ 340.8 million (EGP 2,174.0 million) versus US$ 319.2 million (EGP 1,829.9 million) in Q4 2010

* Consolidated EBITDA margin of 24.2% and Construction Group EBITDA margin of 12.0% duringQ4 2011

* Net income decreased 34.1% to US$ 122.6 million (EGP 802.6 million) versus US$ 186.0 million (EGP 1,064.5 million) in Q4 2010 and was adversely affected by the following items:

- a US$ 22.2 million debt restructuring charge as a result of early
repayment of existing loans to facilitate demerger related refinancing.

- a US$ 12.8 million charge related to the Employee Share Option
Plan (ESOP) unusually expensed in a single quarter with a view to amortize such future expense over four quarters.

- a reclassification of the Gavilon Group LLC and Notore Chemical
Industries Ltd. as 'assets held for sale' resulting in US$ 19.7 million
drop in investment income compared to the same quarter last year.

Summary of Consolidated Results for FY 2011 Ended 31 December 2011:

* Consolidated revenues grew 12.4% to US$ 5,503.4 million (EGP
33,208.3 million) versus US$ 4,895.0 million (EGP 27,552.4 million) in FY 2010

* EBITDA increased by 29.3% to US$ 1,407.0 million (EGP 8,490.1
million) versus US$ 1,088.3 million (EGP 6,124.8 million) in FY 2010

* Consolidated EBITDA margin of 25.6% and Construction Group margin of 14.0% during FY 2011

* Net income increased by 13.9% to US$ 676.9 million (EGP 4,084.5
million) versus US$ 594.3 million (EGP 3,344.5 million) in FY 2010

Consolidated Construction Group Backlog

* Consolidated backlog as at 31 December 2011 grew to US$ 6.40
billion reflecting an increase of 7.7% over the backlog as at 30 September 2011

* New awards totaled US$ 1.58 billion during the quarter and US$
4.32 billion for the full year

* Infrastructure and industrial work constitute 62.2% of the
Construction Group backlog as at 31 December 2011

Statement from the Chairman and Chief Executive Officer - Nassef
Sawiris

Fourth Quarter Results


OCI reported healthy growth rates during FY2011. During the year,
consolidated EBITDA and net income grew 29.3% and 13.9%, respectively.
During the fourth quarter, our consolidated EBITDA rose 6.8% and our net income declined 34.1% compared to the same quarter last year.
During the quarter, net income was lower due to one-off charges related to early repayment of debt, expensing of employees stock option plan for the full year in a single quarter, and reduction in investment income. The combined negative effect of the above on net income was US$ 51.5 million during the fourth quarter.


During the fourth quarter, the Fertilizer Group plants operated at full
capacity with sales of approximately 1 million tons of nitrogen
fertilizers, totaling 4.2 million tons for the year. Since the start of
the 2012, we have seen a noticeable recovery in urea and ammonia prices with good prospects for the rest of the year. The market is also witnessing an improvement in industrial demand for ammonia.

The Fertilizer Group continues to progress on track with its capacity
expansions in the United States, Egypt, Algeria, the Netherlands. Once completed, fertilizer production capacity is expected to increase 60% to achieve a new run-rate of 7 million tons in fertilizer sales starting 2013.

Our wholly owned subsidiary in Texas, USA renamed OCI Beaumont,
successfully started ammonia production and has been running steadily since December 2011. The plant is expected to produce at a rate of 250 thousand tons of ammonia per year benefiting from favorable natural gas price conditions. The plant's 750 thousand ton per year methanol line is scheduled to start production in June 2012.


In Algeria, Sorfert Algeria has entered final commissioning stages for
Line I which is expected to start production in April with Line II to
follow in Q3. Sorfert will add 1.2 million tons of urea and 0.8 million tons of ammonia annually at full capacity.

In the Netherlands, OCI Nitrogen has completed the expansion works for a 26% increase in CAN capacity to 1.45 million tons. OCI Nitrogen also restarted a 30 thousand ton melamine plant in Geleen during the fourth quarter, which has been idle since the acquisition of the business, raising the Group's melamine capacity to 250 thousand tons per year and affirming our global leadership in this downstream industry.

Egyptian Fertilizer Company (EFC) expects to complete a 20% increase in urea production capacity to 1.55 million tons per year by mid-2012.

During the fourth quarter, we have reclassified Gavilon Group LLC
(Gavilon) and Notore Chemical Industries Ltd. (Notore) as investments held for resale. Nebraska-based Gavilon has been slated for sale and a process has been initiated. OCI owns 16.8% of Gavilon. OCI also owns a non-controlling minority stake of 13.5% in Nigerian-based. Notore is preparing for an initial public offering, which should allow OCI to monetize its stake.

The Construction Group reported a 7.7% growth in backlog over the
previous quarter emphasizing a positive trend in project tendering. The Group has now reported three consecutive quarters of backlog growth and continues to see strong interest in its large-scale construction services across the region. Total work secured during the fourth quarter reached US$ 1.58 billion, the highest since first quarter 2008.
New awards during the quarter included the landmark Egyptian Grand Museum contract valued at US$ 810 million, a project predominantly funded by the Japanese International Cooperation Agency (JICA). During 2012, the Group shall focus on strategic markets including a build-up of operations in Saudi Arabia and Iraq where our backlog continues to benefit from material growth.

During the quarter, OCI filed with the Egyptian Financial Services
Authority (EFSA) to approve an application to convene an Extraordinary General Meeting (EGM) for the demerger of the company's construction business from its fertilizer business. On Sunday 25 March, the Company received certain comments from EFSA which have been fully incorporated into the demerger application for the EGM and resubmitted today. We expect to hold our Annual General Assembly (AGM) together with the demerger EGM during the month of April.