Earnings watch: CIRA reports solid profit, revenue growth in 1Q2019-2020
EARNINGS WATCH- CIRA reports solid profit, revenue growth in 1Q2019-2020: Cairo for Real Estate and Investment’s (CIRA) profit jumped 47% y-o-y to EGP 109 mn in the first quarter of its 2019-2020 fiscal year (September-November), according to the company’s earnings release. Revenues rose 56% y-o-y during the quarter, growing to EGP 313.1 mn. “CIRA [is] reporting solid growth in Q1 2019/2020 across the full spectrum of its financial and operational performance metrics and continuing to deliver exceptional value for its students and shareholders alike,” CEO Mohamed El Kalla said. Enrolment at CIRA’s flagship Badr University increased by 31% to 10.3k students during the quarter. Enrolment at CIRA’s K-12 segment, meanwhile, rose 11% to 26.8k students.
CIRA will inaugurate in September the Regent British School in New Mansoura, the latest K-12 facility to join the leading private education outfit’s portfolio. “The addition of the new school … comes as part of our wider geographic expansion efforts,” El Kalla said.
In other company news, the board has approved a EGP 100 mn loan from Ahli United Bank, according to an EGX filing (pdf). Proceeds will be used to finance projects, the filing says, without providing further details.