EFG Hermes reported a 3% y-o-y increase in net profit after tax and minority interest in 3Q2016 to EGP 41 mn on operating revenues of EGP 294 mn, up 28% y-o-y, according to regulatory filing. Operating revenues were driven in part by a strong performance at the non-bank finance platform, higher contribution from securities brokerage, and a capital gain realized from seed capital redemption. Net profit after tax and minority interest from continued and discontinued operations were up 25% y-o-y to EGP 151 mn. Both microfinance player Tanmeyah (acquired this year) and EFG Hermes Leasing (launched last year) made new contributions to EFG’s top line. Expansion will continue to be the order of the day, EFG Hermes Group CEO Karim Awad said: “In the days ahead, EFG Hermes will announce a strategic alliance with a global player which will both push new revenue lines and serve to expand our access to new markets. Our strategy for geographical diversification will also gain further traction as our acquisition of Pakistan’s IFSL finalizes and as we seek licensing in another frontier market. Similarly, we are pushing forward with opening our office in New York to better serve our institutional clients in the United States.

Meanwhile, EFG Hermes’ Rx Healthcare Fund is targeting a first close of USD 100 million and is scheduled to start fundraising in 2017, according to the company’s earnings press release.

The Egyptian Resorts Company (ERC) reported a net profit after tax of EGP 7.3 mn in 3Q2016 on revenues of EGP 49.5 mn, the company said in a statement. On a nine-month basis, the company recorded revenues of EGP 65.8 mn, down 79% y-o-y, blaming the overall slowdown in revenues on significantly lower land plot sales, characteristic of the B2B land sales business model. Despite an overall slowdown, ERC realized revenues from land and unit sales to both sub-developers and retail of EGP 32.9 mn during 3Q2016, some of which were from previous land sale contracts.

Egypt Kuwait Holding (EKH) reported a 120% y-o-y rise in attributable net income to USD 12.1 mn in 3Q2016 on consolidated revenues of USD 76.7 mn, up 38% y-o-y, according to a company statement. The significant improvement in revenues and net profit comes despite an extremely volatile economic environment, mainly thanks to a successful diversification strategy and a strong treasury function.

Madinet Nasr Housing and Development (MNHD) reported a 317% y-o-y rise in consolidated net income in 3Q2016 to EGP 310.1 mn on revenues of EGP 578.7 mn, up 307% y-o-y, the company said in a statement. Contracted sales grew 812% in 3Q2016 to EGP 1.507 bn from EGP 165.2 the year before, as the company bolstered marketing efforts to boost sales performance. MNHD delivered 98 units at the Taj Sultan project. “The third quarter of 2016 has truly been a milestone period for the company, the strongest in its history,” said MNHD CEO Ahmed El Hitamy.

Cheese manufacturer Domty posted a 71.7% y-o-y decline in net profit after tax in 3Q2016, which came in at EGP 10.0 million, according to a statement issued by the company. “Despite the increase in sales during both the three and nine month periods in 2016, profitability was weighed down by the weakening of Egyptian pound and the lack of foreign currency supply through official channels,” the company said. During 3Q2016, Domty managed to defend its share of the Egyptian market and grew its top line for the period by 36.4% y-o-y to EGP 453.1mn. Despite the headwinds, Domty is “pushing ahead with our expansion into the baked goods market while at the same exploring opportunities in the yellow cheese segment.”

State-owned IPO target Misr Fertilizer Production Company (MOPCO) reported losses of EGP 99 mn in 9M2016 on revenues of EGP 1.1 bn, the company said in a statement. Net sales came in at EGP 552 mn, with losses attributable to inflated tax levels hitting EGP 626.7 mn, with EGP 525 mn related to one-time deferred tax charges. The statement did not provide comparative figures for 9M2015. MOPCO began trading on the EGX, as the first state-owned company to be listed in over 10 years, on 7 September.