**Earnings Watch: Among those reporting earnings yesterday as earnings season builds toward Tuesday’s disclosure deadline:

GB Auto reported net income from ongoing operations of EGP 39.4 mn on revenues of EGP 4.3 bn. Revenues were up more than 36% year-on-year despite the FX crunch, with a standout performance across the company’s lines of business. GB Auto CEO Raouf Ghabbour noted: “We join the vast majority of the Egyptian business community in welcoming the Central Bank of Egypt’s move earlier this month to allow the free float of the Egyptian pound. We also believe that the phase-out over time of fuel subsidies will drive sales of our smaller engine models, where we have a robust lineup of models catering to a wide cross-section of consumers. It would be premature to offer short-term guidance, but our experience throughout the currency crisis (including our strong pricing power throughout that period) leaves us optimistic that the issue has long been less ‘pricing’ than it has been ‘availability’ of foreign exchange. We are accordingly very optimistic regarding the medium- and long-term outlook for the economy and for our industry.” You can read the quick summary of GB’s earnings here (pdf) or view the full document (pdf).

Edita Food Industries reported a 47.2% y-o-y decline in 3Q2016 Net Profit after Tax and Minority Interest to EGP 45.2 mn on revenues of EGP 613 mn, which were up 14.5% y-o-y, according to a company statement. Operating margins were solid, and the company’s key cakes segment returned to growth. CEO Hani Berzi noted that new, higher-margin products has helped preserve profitability, while “top-line growth is reflective of the strong demand for Edita’s products across all segments and our ability to continue to outpace market growth. This has allowed us to make use of our capacity expansions and has supported the continued rollout of new premium offerings.” Berzi signalled the company is continuing to invest in Egyptian expansion and is looking for new regional opportunities. You can read the quick summary of the earnings here (pdf) or view the full document (pdf).

Oriental Weavers reported a 311% y-o-y increase in net income to EGP 133 mn in 3Q2016 with revenues growing 1% y-o-y to EGP 1.539 bn. The company said it believes its export will drive growth in 2017 and is pursuing a strategy to settle EGP facilities to counteract raised interest rates.

Talaat Moustafa Group’s 9M2016 net profit rose y-o-y to EGP 620.3 mn, from 9M2015’s EGP 505.5 mn, according to a regulatory filing. 3Q2016 net profit also increased to EGP 188.14 mn, up y-o-y from EGP 138.9 mn.

Egyptian Iron & Steel’s 3Q2016 net losses amounted to EGP 233.6 mn, declining further y-o-y from EGP 104.15 mn, according to a bourse statement.

Abu Dhabi Islamic Bank (ADIB) reported 9M2016 net profit of EGP 272 mn, up y-o-y from EGP 144 mn for 9M2015. 3Q2016 net profit also rose y-o-y to EGP 81.3 mn from EGP 25.5 mn in 3Q2015.