Earnings Watch: Edita, MNHD, PHD, Emaar Misr report FY2017 results
EARNINGS WATCH- Edita Food Industries reported a 346.8% y-o-y surge in its bottom line to EGP 212.0 mn in 2017, up from EGP 47.4 mn in 2016, the company said in a statement yesterday (pdf). The jump in net profits comes as the company’s revenues for the year rose 21.6% y-o-y to surpass the EGP 3 bn mark in 2016. “The results speak for themselves, with double-digit revenue growth and healthy margins despite operating in an extremely inflationary environment characterized by diminishing consumer purchasing power,” Edita chief Hani Berzi said. After launching several new products last year and inaugurating its state-of-the-art E08 factory with new production lines, the company plans to focus during the coming period “on driving up volumes while also maintaining an emphasis on margin and cost-cutting initiatives.” Read Edita’s full earnings release here (pdf).
Madinet Nasr Housing and Development posted a net profit after tax of EGP 933.1 mn in FY2017, according to the company’s earnings release (pdf). Top line for the year was 20.5% higher y-o-y at EGP 2.43 bn, rising on the back of a 48.9% y-o-y growth in presales to EGP 5.1 bn. The company pushed forward with the third phase of its Taj City project in 4Q2017, which has boasted “consistent generation of solid sales.” Meanwhile, Sarai reeled in EGP 4.2 bn in contracted sales throughout the year. “During a year of economic reforms and uncertainty in Egypt, MNHD has continued to record exceptional year-on-year growth in both our top-line and bottom-line, surpassing our budget and underlining our ability to achieve significant gains and execute successful launches regardless of the surrounding climate,” CEO Ahmed El Hitamy said.
Palm Hills Development reported a 26% y-o-y rise in net profit after tax and minority interest to EGP 806 mn in FY2017 from EGP 640 mn in FY2016, the company said in a statement (pdf). The increase came “despite the negative impact of higher finance cost y-o-y.” Revenues grew 17% y-o-y to EGP 6.604 bn, up from EGP 5.361 bn during the previous year. New sales for the year also rose 24% y-o-y to EGP 10.539 bn, surpassing the company’s target for the year.
Emaar Misr for Development reported a 37% y-o-y jump in net profit to EGP 2.3 bn in 2017, compared to EGP 1.68 bn the previous year, according to the company’s earnings release (pdf). The developer’s total revenues jumped to EGP 4.5 bn from EGP 4 bn in 2016.