Back to the complete issue
Thursday, 16 May 2019

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.

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 HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; 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; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.