EARNINGS WATCH- ODE doubles y-o-y profit to EGP 205 mn in 2Q2019: Orascom Development Egypt (ODE) doubled its net profits in 2Q2019 to EGP 205.2 mn, up from EGP 101.5 mn in the same period last year, according to an EGX earnings statement (pdf). Revenues for the quarter climbed 50.9% to EGP 1.32 bn, up from EGP 873.9 in 1Q2018. Net profit also grew by 113.3% to EGP 393.8 million in 1H2019. “We are very pleased to see that ODE is continuing its solid stance and continues to be on track to achieve 2019 targets,” said CEO Khaled Bichara. Looking forward, ODE is expecting higher demand for its hotels in 2H2019, following the inauguration of two Thomas Cook hotels in El Gouna and the lifting of German travel restrictions on Taba.

Cement producer Arabian Cement Company reported a net profit after tax of EGP 19.4 mn in 2Q2019, down from EGP 50.8 mn during the same period last year, according to the company’s consolidated financial statements (pdf). Sales revenues for the quarter reached EGP 772.3 mn, up from EGP 727.5 mn in 2Q2018.