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Wednesday, 17 May 2017

Earnings Watch: SODIC, Orascom Hotels and Development, Orascom Development

EARNINGS WATCH- Our friends at SODIC reported a 321% y-o-y increase in net profit to EGP 211 mn in 1Q2017. The increase came on a 275% y-o-y increase in revenues “reflecting the ramp up in delivered units. Revenues were bolstered by deliveries in Eastown Residences and Westown Residences that combined accounted to more than 80% of the delivered value.” SODIC also says it record a net profit margin of 30%, improving 300 bps from 1Q2016. Managing Director Magued Sherif commented on the results saying: “Our results for the quarter reflect our continuing growth momentum. The strong trust of our clients in the SODIC brand has driven sales growth despite economic headwinds. Driven by our unwavering commitment to delivery, our financial performance is reaping gains. Our excellence in execution is reflected in the strong revenue growth and is solidified by our healthy profitability.” Critically, net contracted sales (essentially the company’s pipeline of future revenues) were up 71% to EGP 1.2 bn in the first quarter.

Orascom Hotels and Development reported consolidated net profit of EGP 75.9 mn in 1Q2017 compared with a EGP 118 mn loss a year before, according to its earnings release. The company reported a 73.8% y-o-y increase in revenues to EGP 493.9 mn in 1Q2017.

Orascom Development Company reported a consolidated net loss of CHF 12.5 mn in 1Q17, compared with a net loss of CHF 31.9 mn in 1Q16, according to its earnings filing. Real estate revenues reached CHF 12.3 mn in 1Q17 compared with CHF 21.7 mn in 1Q16.

Crédit Agricole Egypt grew its net profit for 1Q2017 by 51.6% to EGP 457.1 mn, the bank’s Managing Director François Edouard Drion told the press on Tuesday.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.