EARNINGS WATCH- Ibnsina Pharma reported a 40.1% y-o-y increase in net profit to EGP 75.2 mn in 1H2018, according to the company’s earnings release (pdf). Revenues grew 46% y-o-y during the six month period, coming in at nearly EGP 6 bn, “driven by double-digit expansion across all business lines,” according to Co-CEO Mahmoud Abdel Gawad. The growth in 1H2018 proves that Ibnsina’s “three-pronged strategy of strengthening our core business, pursuing value-based differentiation, and diversifying our streams of revenue has begun to yield concrete results,” Co-CEO Omar Abdel Gawad said. “Ibnsina’s solid pharma distribution business is supported by a healthy and growing healthcare market that is one of Egypt’s most defensive sectors, with continued room for growth.”

The company expects to sustain its strong performance through to the end of the year, especially as it moves ahead with plans to expand its cosmetics business with the inauguration of new warehouses around the country and inaugurate new cosmetics warehouses across the country and “expanding our portfolio and purchases of cosmetics product, while allocating more resources to this new venture to better serve our clients’ needs,” Mahmoud said.

Arabian Cement Company also reported results for 1H2018 yesterday posting a net profit after tax of EGP 212.8 mn, compared to EGP 71.7 mn in the same period last year, according to the company’s consolidated financial statement (pdf). Revenues for the period reached EGP 1.6 bn, up from EGP 1.2 bn in 1H2017.

Telecom Egypt reported (pdf) an 18% y-o-y drop in net profit after tax in 1H2018 to EGP 2.1 bn, down from EGP 2.5 bn during the same period last year. Consolidated revenues recorded EGP 10.1 bn, marking a 16% y-o-y increase.