EARNINGS WATCH- Edita reported a 23.5% y-o-y increase in net profit to EGP 40.4 mn in 1Q2017, with revenues increasing by 24.0% y-o-y to EGP 642.4 mn, according to the company’s earnings release. “Strong revenue growth in the first quarter of the year came thanks to Edita’s repricing and portfolio optimization strategy, which the company rolled out starting September 2015 and accelerated in 4Q2016 to address a rapidly changing macroeconomic environment… Management notes that production capacity freed by lower volumes on existing SKUs allowed the company to rapidly introduce new innovative propositions, with 1Q2017 witnessing the launch of several new products across all segments, in line with the company’s long-term growth strategy, ” the company says.

Also reporting results this past Thursday:

• Global Telecom Holding reported a 99% y-o-y decrease in profit in 1Q2017 to USD 1 mn. Total revenue dropped to USD 752 mn in 1Q2017 from the pro-forma figure of USD 785 mn of 1Q2016.
• Talaat Mostafa Group Holdings’ consolidated net profit after tax for 1Q2017 grew by 38.85% to EGP 288.5 mn from EGP 207.8 mn in the same period last year, according to the company’s regulatory filing.