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Tuesday, 16 August 2016

SODIC reports a 38.6% increase in net profit, MNHD and Arabian Cement deliver strong set of results

** Earnings watch: SODIC reported a net profit after minority interest of EGP 97 mn in 2Q2016, up from EGP 70 mn in 2Q2015. Total revenue recorded in the quarter was EGP 435 mn, up from EGP 301 in 2Q2015. 2Q2016 is highlighted by a 90% y-o-y increase in contracted sales to EGP 1.2 bn as SODIC launched a phase in each of its Villette, Eastown, Courtyards, and Forty West projects. 60% of 2Q2016’s sales came from projects in East Cairo and contracted sales for 1H2016 have recorded EGP 1.9 bn, on track to achieve the full year’s targets. In 2Q2016, the company delivered 201 units, up from 166 units in the same period last year. You can view the earnings release here.

Also reporting earnings:

  • Madinet Nasr Housing and Development (MNHD) reported 2Q2016 consolidated net income of EGP 76.4mn on revenues of EGP 259.9 mn, up 41.1% y-o-y.
  • Orascom Hotels & Development (OHD) recorded 1H2016 net losses worth EGP 135.8 mn on revenues of EGP 618.1 mn although real estate revenues grew 25.9% to EGP 182.8 mn vs. EGP 145.2 mn in 1H2015. The staggering decline in tourist arrivals is affecting the company’s hotels performance, according to the company’s earnings release.
  • Egyptian Resorts Company reported a net loss of EGP 35.4 mn in 2Q2016 on revenues of EGP 5.9 mn. The company had turned in a profit of EGP 184 mn a year ago.
  • Orascom Development Holding (ODH) reported consolidated net losses worth CHF 50 mn in 1H2016, a decline from CHF 2 mn in net profit during 1H2015.
  • Arabian Cement’s consolidated net profit grew to EGP 143.07 mn in 1H2016 from EGP 124.42 mn recorded in 1H2015.

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