EARNINGS WATCH- SODIC reported 37% y-o-y growth in its adjusted bottom line to EGP 815 mn in 2018, the company said in its earnings release (pdf). Revenues for 2018 came in at EGP 3.73 bn, compared to EGP 2.30 bn in 2017, while net contracted sales declined 10% y-o-y to EGP 5.2 bn. Notably, more than half of cancellations in the full year owed to a cancelled sale at Polygon; excluding that transaction, cancellations are below the company’s historical average. SODIC is proposing a dividend of EGP 0.50 per share subject to shareholder approval. The company successfully delivered 1,079 units during the year, including the first units at its New Cairo development, Villette, and its North Coast development, Caesar.

Ibnsina Pharma reported a 54.3% y-o-y rise in its net profit to EGP 262.5 mn in 2018 “despite one-off charges of EGP 59.7 mn incurred during the period,” the company said in its earnings release (pdf). The company’s normalized net profit grew 55.1% y-o-y to EGP 322.2 mn during the year. On a quarterly basis, Ibnsina’s revenues grew 35% y-o-y to reach EGP 3.9 bn, while net profit jumped 172.8% y-o-y to EGP 74.2 mn in 4Q2018. “I am pleased to report that in its first full year as a publicly-traded company, Ibnsina Pharma has delivered exceptional growth and value to shareholders while upholding best corporate governance and disclosure standards. Although we witnessed several challenges during the year, including the rollout of stringent regulations, stock market volatility and a legal dispute that loomed over our business, we have emerged a more versatile company and have built on a solid reputation developed over our 18-year track record,” said Executive Chairman Mohsen Mahgoub.