Earnings watch: ADIB, ACC, B Investments, Raya, Naeem, HHD, Eastern, Obourland, EIPICO
EARNINGS WATCH- B Investments posted a net profit of EGP 35.48 mn in 1Q2019, up 5.5% y-o-y from EGP 33.53 mn in the comparable quarter last year, the company said (pdf). The rise in profits was fueled by an 18% increase in revenues to EGP 50.25 mn during the quarter from EGP 42.6 mn in 1Q2018. B Investments is an active growth capital investor managed by BPE Partners.
Abu Dhabi Islamic Bank net profits after tax rose by 78% y-o-y to EGP 279.4 mn in 1Q2019, up from EGP 156.8 mn in 1Q2018, according to a bourse filing (pdf). Revenues increased to EGP 1.59 bn during the first quarter, a 27% y-o-y rise from EGP 1.25 bn.
Arabian Cement profits plunge 96% y-o-y in 1Q19 to EGP 5.98 mn, according to the company’s quarterly financials (pdf). The drop came on the back of falling revenues and rising costs.
Heliopolis Housing and Development (HHD) profits plunged 67.5% in 9M2018-19 to EGP 39.6 mn from EGP 120.5 mn a year earlier, the real estate developer said in a bourse filing (pdf). Revenues retreated 13.7% in 9M2018-19 to EGP 468.6 mn.
Eastern Company reported net profits after tax of EGP 867.04 mn in 1Q2019, down about 22% y-o-y from EGP 1.12 bn in the first quarter of last year, according to the state-owned company’s earnings release (pdf). Topline sales for the quarter increased to EGP 3.37 bn, up 4.2% y-o-y from EGP 3.23 bn in 1Q2018.
Raya Holding turned in a loss in 1Q2019, reporting an EGP 26.2 mn losses compared to profits of EGP 15.8 mn a year earlier, the company said in a bourse filing (pdf). 1Q2019 revenues rose to about EGP 2 bn, compared to EGP 1.8 bn last year.
EIPICO reported 1Q2019 net profit of EGP 218.3 mn, 18.7% y-o-y, the company said in a bourse filing (pdf). Revenues came in at EGP 915.26 mn, up from EGP 732.08 mn during the same period last year.
Cheesemaker Obour Land recorded a net profit of EGP 53 mn in 1Q2019, up 5.5% y-o-y from EGP 50.2 mn during 1Q2018, according to its earnings release (pdf). Revenues for the quarter increased to EGP 575.8 mn, up 25.6% y-o-y from the same quarter the previous year.
Naeem Holding profits fell 41% in 1Q2019 to USD 1.3 mn compared to USD 2.2 mn last year, the company said in a regulatory filing (pdf). Revenues came in at USD 4.1 mn compared to USD 5.9 mn a year earlier.