(Reuters) - EFG-Hermes maintained its short-term "accumulate" and long-term "buy" ratings on Egypt's Orascom Construction Industries (OCI) and said it expected the company to deliver strong first-quarter results, driven by a favorable market environment in the construction segment.

In a first quarter earnings preview note for Egyptian companies and banks, EFG-Hermes said it expected OCI to report first-quarter earnings of 459.6 million Egyptian pounds from its construction segment, up 30 percent year-over-year.

"We also expect to see further improvements in operating margins because tight contractor capacity in the group's high growth markets has enhanced its pricing and negotiating power," the investment bank said in a note dated April 23.