Earnings Watch: CIB, Sidi Kerir, EgyptAir report 2018 earnings
EARNINGS WATCH- CIB posts record full-year 2018 earnings: Our friends at CIB delivered a 27% y-o-y increase in net income of EGP 9.6 bn in 2018 on revenues of EGP 20.4 bn, which rose 37%. CIB’s capital adequacy ratio also rose 6% y-o-y to 19.1%, which is above the minimum regulatory requirement. Commenting on the bank’s earnings, management said CIB’s “robust performance in 2018 was largely driven by the Bank’s nimble management of its balance sheet. Treasury investments have been the crux of 2018 and a key factor driving the balance sheet dynamics for CIB.”
Looking ahead, management “remain[s] confident about CIB’s ability to endure market variations. We also reinstate CIB’s comfortable capital position to accommodate the increase in minimum regulatory requirements starting 2019, while maintaining a reasonable buffer for any unfavorable change that may occur in interest or exchange rates.” You can read CIB’s full earnings release here (pdf).
Sidi Kerir Petrochemicals’ net profit rose 14.7% y-o-y in 2018 to EGP 1.3 bn compared to EGP 1.13 bn in 2017, the company announced in an EGX filing (pdf). Revenues were up 15.7% y-o-y, rising to EGP 5.8 bn from EGP 5 bn the previous year.
EgyptAir Holding recorded net income of EGP 951 mn in 1H2018-19, more than double the figures of the same period in 2009/2010, the Civil Aviation Ministry said.