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.