Earnings watch: Rameda Pharma, Obour Land
EARNINGS WATCH- Rameda pre-tax profits fall 12% in 2019: Rameda Pharma made pre-tax profits of EGP 225 mn in FY2019, down 12% y-o-y from EGP 289 mn the year prior, according to a bourse disclosure (pdf). This is despite the company’s revenues rising 10.5% during the year to hit EGP 890 mn, from EGP 805 mn in FY2018. Rameda’s pre-tax profits came in at EGP 96 mn during 4Q2019, down 2% y-o-y. The company recorded revenues of EGP 271 mn in the fourth quarter, up 16.3% y-o-y.
Cheesemaker Obour Land recorded a net profit of EGP 54.2 mn in 4Q2019, down 0.5% y-o-y from EGP 57.6 mn during the same period the year prior, according to its earnings release (pdf). Revenues for the quarter rose 6.7% y-o-y to EGP 667.1 mn. The company’s full-year profits increased 24% y-o-y to EGP 295.3 mn, up from EGP 238.0 mn in 2018, while full-year revenues rose 8% y-o-y to EGP 2.59 bn.