EARNINGS WATCH- Our friends at SODIC reported a 321% y-o-y increase in net profit to EGP 211 mn in 1Q2017. The increase came on a 275% y-o-y increase in revenues “reflecting the ramp up in delivered units. Revenues were bolstered by deliveries in Eastown Residences and Westown Residences that combined accounted to more than 80% of the delivered value.” SODIC also says it record a net profit margin of 30%, improving 300 bps from 1Q2016. Managing Director Magued Sherif commented on the results saying: “Our results for the quarter reflect our continuing growth momentum. The strong trust of our clients in the SODIC brand has driven sales growth despite economic headwinds. Driven by our unwavering commitment to delivery, our financial performance is reaping gains. Our excellence in execution is reflected in the strong revenue growth and is solidified by our healthy profitability.” Critically, net contracted sales (essentially the company’s pipeline of future revenues) were up 71% to EGP 1.2 bn in the first quarter.

Orascom Hotels and Development reported consolidated net profit of EGP 75.9 mn in 1Q2017 compared with a EGP 118 mn loss a year before, according to its earnings release. The company reported a 73.8% y-o-y increase in revenues to EGP 493.9 mn in 1Q2017.

Orascom Development Company reported a consolidated net loss of CHF 12.5 mn in 1Q17, compared with a net loss of CHF 31.9 mn in 1Q16, according to its earnings filing. Real estate revenues reached CHF 12.3 mn in 1Q17 compared with CHF 21.7 mn in 1Q16.

Crédit Agricole Egypt grew its net profit for 1Q2017 by 51.6% to EGP 457.1 mn, the bank’s Managing Director François Edouard Drion told the press on Tuesday.