Earnings watch: CIRA, Emaar Misr, Americana Egypt report results
EARNINGS WATCH- Cairo for Real Estate and Investment’s (CIRA) net profit soared 75% y-o-y to EGP 221.1 mn in its fiscal year, which ended on 31 August 2019, according to the company’s earnings release (pdf). Revenues rose 36% y-o-y during the fiscal year, coming in at EGP 704.7 mn. The strong revenue growth was “spurred by increases in revenue contribution from both the higher education and K-12 segments following tremendous increases in the number of students enrolled,” said CIRA CEO Mohamed El Kalla. The leading private education provider saw a total of 32k students enrolled in its higher education and K-12 segments, and extended EGP 41.8 mn-worth of scholarships and financial aid packages across the segments.
CIRA is continuing to add new faculties and schools to portfolio, and has completed construction on seven new facilities at Badr University, putting the company “well within our timeline to begin rolling out the faculties” next year, El Kalla noted. CIRA has also “made extensive progress” on its establishment of a new university in Assiut, and has broken ground on its EGP 60 mn integrated school in New Mansoura. Looking ahead, the company plans to push ahead with its expansion into several new governorates in a bid to raise the quality and magnitude of Egypt’s middle-income secondary educational sector.
Emaar Misr’s 9M2019 net profits fell 64.2% y-o-y to EGP 628.9 mn, slumping from EGP 1.759 bn during the same period last year, according to a company disclosure (pdf). The company's revenues also dropped to EGP 2.3 bn from EGP 2.8 bn.
Americana Egypt reported a 29.1% y-o-y drop in net profits in 9M2019 to EGP 65 mn, down from EGP 91.8 mn during the comparable period last year, the company said in a bourse disclosure (pdf). Revenues increased 12% during the first nine months of the year to EGP 3.13 bn up from EGP 2.79 bn last year.