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Wednesday, 17 April 2019

CIRA reports 47% y-o-y growth in net profits in first half of its fiscal year

EARNINGS WATCH- Cairo for Real Estate and Investment (CIRA) reported a 47% y-o-y increase in net profit to EGP 167.1 mn in the first half of its fiscal year, according to the company’s earnings release (pdf). Revenues rose 32% y-o-y during the period, coming in at EGP 424.1 mn, with revenues from higher education tuition revenues growing at a faster rate than those from K-12 tuition, the company said. At the operational level, “CIRA worked to differentiate its offerings, services and identity from alternative providers of education in the middle-income segment,” the release said. The company also revamped its online and social media presence, and made “considerable improvements in the look and feel of student transportation services during the period.”

Looking ahead: CIRA will continue focusing on its growth strategy “with continuous efforts to differentiate its institutions in the market and cement the presence of its brand,” CEO Mohamed El Kalla said. The company expects to inaugurate four new faculties at Badr University in September 2019, which CIRA says is crucial to allow the university to “accommodate expected rapid growth in new registrations over the coming academic years.”

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