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Wednesday, 1 June 2016

Earnings Roundup: SODIC, Oriental Weavers, El Sewedy Electric 1Q2016

** EARNINGS WATCH: SODIC reported a consolidated net profit of EGP 54.65 mn in 1Q2016, down from EGP 79.3 mn in 1Q2015, according to a company release. Revenue dropped 34% y-o-y to EGP 187 mn, with the company delivering 101 units compared to 108 last year. The company also reported a drop in 1Q2016 net contracted sales to EGP 673 mn. SODIC is guiding for contracted sales of EGP 4.9 bn compared to EGP 4.4 bn in 2015 and to deliver 935 units across eight projects. The company’s share continue to outperform those of its industry peers.

Oriental Weavers reported a consolidated net profit of EGP 94.17 mn in 1Q2016, down from EGP 152.67 mn in the same period last year, according to a bourse disclosure. Meanwhile, El Sewedy Electric announced a consolidated net profit of EGP 767.73 mn in 1Q2016, up from EGP 259.99 mn in 1Q2015.

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