Earnings Watch: EFG Hermes, Ibnsina Pharma, Oriental Weavers, Arabian Cement, Global Telecom, Faisal Islamic Bank report 1Q2018 results
EARNINGS WATCH- EFG Hermes reported a net profit after tax and minority interest of EGP 249 mn in 1Q2018, marking a 6% y-o-y increase “when adjusting for one-off gains related to the sale of our stake in Lebanese bank Credit Libanais in the comparable period last year.” Revenues also increased to EGP 945 mn during the quarter. “In spite of challenging regional market condition, EFG Hermes is off to a strong start in 2018 aided by a strategy that focuses on building Egypt’s leading NBFI platform, a larger buy side business and a sell side business that extends beyond MENA into frontier markets,” CEO Karim Awad said on the results.
Looking forward: “2018 will see the continuation of our diversification and expansion strategy, with at least one more on-ground expansion into a new geography and the full operational launch of our factoring business under our NBFI platform both planned during the year.”
Ibnsina Pharma reported a 46% y-o-y jump in net profit for 1Q2018 to EGP 28.0 mn, up from EGP 19.1 mn in the comparable period last year, the company said in its earnings release (pdf). The company recorded a 51.1% y-o-y increase in revenues to EGP 2.9 bn, up from EGP 1.9 bn in 1Q2017, as Ibnsina “delivered organic growth across all existing business lines by optimizing its distribution network and expanding its product offering through accretive agreements with global pharma manufacturers,” Co-CEO Omar Abdel Gawad said. “
The company expects to sustain its strong momentum for what remains of the year, Abdel Gawad added, especially as its distribution agreement with Danish insulin maker Novo Nordisk kicks off in June, contributing around EGP 300 mn to Ibnsina’s topline during its first year. The agreement is part of Ibnsina’s plans to increase investments to EGP 700 mn over the next five years in order to expand its activities, which was made possible by its 4Q2017 IPO.
Oriental Weavers reported a 21% y-o-y drop in 1Q2018 net profit to EGP 204 mn, down from EGP 258 mn during the same period last year, according to a company release (pdf). Looking ahead, the company will focus on product innovation and sales performance. “We will continue to invest in our business, supporting future growth and profitability while consistently improving cost efficiency,” Founder Mohamed Farid Khamis said.
Arabian Cement reported a net profit after tax of EGP 162 mn in 1Q2018, up from EGP 59.7 mn during the same period last year, according to a company release (pdf).
Global Telecom Holding (GTH) reported a net profit of USD 38.2 mn in 1Q2018, up from USD 1.2 mn during the same period last year, according to a company release (pdf). The company’s total revenues saw a 7.0% y-o-y drop to USD 699 mn from USD 752 mn in 1Q2017.
Faisal Islamic Bank reported a net profit of EGP 777.9 in 1Q2018, up from EGP 439.7 mn during the same period last year, according to an EGX filing.