Back to the complete issue
Thursday, 15 August 2019

Earnings watch: Raya Holding, Domty, Suez Cement, Tourah Cement

EARNINGS WATCH: Domty 2Q2019 net profits fall 35% y-o-y: Arabian Food Industries (Domty) reported 2Q2019 net income of EGP 37.5 mn, compared to EGP 57.7 mn a year earlier, the company said in a bourse filing (pdf). Revenues came in at EGP 646.8 mn, compared to EGP 693.4 mn during the same period last year.

Raya Holding for Financial Investments reported losses of EGP 24.7 mn during 2Q2019, compared to profits of EGP 1.3 mn a year earlier, the company said in a bourse filing (pdf). Revenues during the period were EGP 2.1 bn, compared to EGP 2.2 bn last year.

Cement producers Suez Cement and Tourah Cement make losses in 1H2019: Suez Cement reported a net loss of EGP 293.4 mn during 1H2019, compared to profits of EGP 238.3 mn during the same period a year earlier, the company said in a bourse filing (pdf). Revenues during the period fell 16% y-o-y to EGP 3.3 bn. Tourah Cement, which is 66.12%-owned by Suez Cement, reported a net loss of EGP 461.3 mn, compared to a loss of EGP 2.2 mn a year earlier, the company said in a bourse filing (pdf). Suez Cement suspended operations at Tourah Cement in May, citing “deteriorating financial results and the accumulated losses.”

B Investments reported net income of EGP 105.34 mn in 1H2019, down from EGP 112.08 mn during the same period last year, the company said in a bourse disclosure (pdf). B Investments is an active growth capital investor managed by BPE Partners.

Arabia Investment Holdings reported net income of EGP 31.62 mn in 1H2019, down from EGP 46.91 mn during 1H2018, according to the company’s earnings.

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.