Earnings watch: SODIC, Telecom Egypt, TMG, Amer Group
EARNINGS WATCH- SODIC’s 3Q2019 net profits came in at EGP 168 mn, with a profit margin of 12%, the company said in an earnings statement (pdf) on Thursday. Revenues for the quarter more than doubled y-o-y to EGP 1.4 bn with net contracted sales recording EGP 614 mn, dropping y-o-y due to the postponed launch of Malaaz as a result of “permitting delays across most new developments on the North Coast.” Revenue growth was driven mainly by deliveries in the Villette project, which contributed to 47% of the delivered value during the quarter. On a nine-month basis, SODIC’s net profits recorded EGP 504 mn, with revenues soaring 74% y-o-y to EGP 1.4 bn. Net contracted sales dipped to EGP 2.9 bn from EGP 3.8 bn during 9M2018.
Sarwa Capital’s net income fell 3% y-o-y in 3Q2019 to EGP 97 mn, down from EGP 100.4 mn in 2018, the company announced last week (pdf). Net profit was up 13% to EGP 280 mn during the first three quarters of 2019, up from EGP 248 mn in the same period last year. The company expects a strong final quarter of the year and enter 2020 with “robust momentum,” the management said.
Telecom Egypt’s net profits dropped 25% y-o-y in 3Q2019 to EGP 1.09 bn, down from EGP 1.45 bn a year earlier, the state-owned carrier said in its earnings statement (pdf). Profits were “weighed down by the [early retirement program] costs and the base effect of the ,” Telecom Egypt said. Revenues during the quarter came in at EGP 6.3 bn, down 13% y-o-y. On a nine-month basis, net profits recorded EGP 3.2 bn, dropping 8% y-o-y.
Real estate developer Talaat Moustafa Group’s 9M2019 net consolidated profit rose 11% y-o-y to EGP 1.31 bn, the company said in a bourse filing (pdf). Revenues came at EGP 7.7 bn, a 14% increase compared to last year.
Amer Group’s net profits plunged 44% y-o-y in 9M2019 to EGP 39.4 mn, from EGP 70.9 mn during the same period last year, according to the company’s bourse filing.