EARNINGS WATCH– GB Auto swung to a net loss of EGP 154.5 mn on revenues of EGP 2.96 bn in 1Q17 compared a net profit of EGP 28.6 mn a year ago. GB Auto CEO Raouf Ghabbour said that while the market was paralyzed during January and February, “March gave us a sign that consumers might be willing to adjust to new price levels. A targeted round of promotions during the month saw volumes pick up to c.50% of what they’ve been historically — a huge lift from figures coming out of January and February.” The company’s motorcycles and three-wheelers, tires and financing businesses, among others, all performed well. The company’s full earnings newsletter is here (pdf).

Property developer MNHD reported a surge in both its top and bottom line, with 1Q17 net income up nearly 500% to EGP 407 mn on revenues of EGP 752 mn. ““In our first full quarter post the float of the Egyptian Pound, we are seeing strong signs that demand for real estate remains resilient as evidenced by our ability to continue driving revenue and net profit growth period-on-period,” said MNHD CEO Ahmed El Hitamy. “Egypt’s favorable demographics and consumers’ continued confidence in property as a safe investment have negated fears that the market would be adversely affected post the float. On the contrary, now priced at a discount compared to regional peers, Egypt’s real estate offerings are becoming increasingly attractive to Egyptian expatriates alongside strong local demand.” MNHD’s earnings release is here in full (pdf).

Also reporting earnings:

• Oriental Weavers recorded a 128% y-o-y increase in net income to EGP 235 mn in 1Q2017. The company’s net sales increased by 73% y-o-y to EGP 2.52 bn. Oriental Weavers says it is moving ahead “with plans to add eight to ten state-of-the-art weaving looms to meet international demand” and expand its product range.
• Amer Group reported a slight decrease of 5% y-o-y in consolidated net profit to EGP 64 mn in 1Q2017, with revenues increasing by 11% y-o-y to EGP 603 mn, according to the company’s earnings release.
• Porto Group Holding reported a 193% y-o-y increase in consolidated net profit to EGP 83 mn in 1Q2017. Revenues rose by 123% y-o-y to EGP 426 mn.