Earnings watch: Global Telecom Holding, Bank of Kuwait-Egypt
** Earnings watch: ‘Tis the season, though we note that many companies plan to take advantage of the extension until mid-April to file 4Q/FY2016 results. Among those reporting earnings yesterday:
- Global Telecom Holding announced that its net profit attributable to shareholders increased to USD 7.3 mn in 4Q2016 from a net loss of USD 12 mn a year earlier. This came as revenues grew y-o-y to USD 768 mn from USD 710 mn. Net profit attributable to shareholders for 2016 came at USD 61 mn, up from a net a loss of USD 142.7 mn in 2015.
- National Bank of Kuwait-Egypt recorded a net profit of EGP 848.9 mn in 2016, up from EGP 575.6 mn in 2015. The bank says the EGP flotation has had a positive impact of EGP 37.7 mn on its financials. NBK’s board also approved a EGP 1.5 bn capital increase to EGP 2.5 bn, according to a regulatory filing.
- Al Baraka Bank Egypt registered a net profit of EGP 512.5 mn in 2016 compared to EGP 265.1 mn last year.