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Thursday, 1 August 2019

Earnings watch: Credit Agricole, Eastern Co, CI Capital, MM Group

EARNINGS WATCH- Credit Agricole 1H2019 profits increase 20% y-o-y: Credit Agricole reported a 1H2019 net profit of EGP 1.3 bn, compared to EGP 1.1 bn a year earlier, the lender said in a bourse filing (pdf).

Eastern Co turned in a loss in FY2018-2019,reporting a net profit of EGP 3.77 bn, down from EGP 4.24 bn a year ago, the state-owned company said in its earnings release (pdf). The company said the 11% decline in net profit was due to a decrease in interest income, credit interest, and foreign exchange losses. Topline sales for the year increased slightly to EGP 13.89 bn, up from EGP 13.41 bn in FY2017-2018, a 3.61% increase.

CI Capital Holding reported a 39% increase in net profit after tax in 1H2019 to EGP 207.7 mn, up from EGP 149.7 bn during the same period last year, according to an EGX disclosure (pdf). Topline sales for the year rose 35% to EGP 1.1 bn, up from EGP 849 mn in 1H2018.

MM Group for Industry and International Trade reported a 59.2% increase in net profit of EGP 254 mn in 1H2019, up from EGP 159 mn during the same period last year, according to a bourse filing (pdf). Topline sales for the year rose 55.3% to EGP 5.3 bn, up from EGP 3.4 bn in 1H2018.

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