** EARNINGS WATCH: Cleopatra Hospitals Group announced net income of EGP 89.4 mn in 2016, up 73% y-o-y. Revenues increased by 16% y-o-y to EGP 864.4 mn during the year. The largest contributor to group revenues was Cleopatra Hospital at (44%), followed by Cairo Specialised Hospital (21%), Nile Badrawi Hospital (18%) and Al Shorouk Hospital (17%). Acquisitions are in the pipeline: Company CEO Ahmed Ezzeldin noted: “Our Group today is better positioned and better prepared to start the next chapter of growth characterized by a follow through on our commitment to a value accretive capital investment program. We are currently conducting due diligence on a potential accretive fifth hospital acquisition in Cairo which we expect to announce in 1H 2017. We are also reviewing a number of brownfield acquisitions to further expand our footprint.”

Etisalat Misr’s revenue in 2016 came in at AED 4.03 bn (USD 1.10 bn), falling 11% y-o-y due to “unfavourable exchange rate movements.” In EGP terms, Etisalat Misr’s top line rose 8% y-o-y on growth in the data segment and subscriber base. Etisalat Misr’s EBITDA for 2016 was AED 1.6 bn (USD 435.6 mn), with an EBITDA margin of 39%, 2 ppt higher than 2015’s. The results were disclosed as its Dubai-based parent, Etisalat, recorded net profit after federal royalty of AED 8.42 bn (USD 2.29 bn) in 2016, with total consolidated revenues coming in at AED 52.36 bn (USD 14.26 bn), according to the company’s consolidated earnings release.