Back to the complete issue
Tuesday, 5 February 2019

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.

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 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; Etisalat Misr (tax ID: 235-071-579), the leading telecoms provider in Egypt; and Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt.