Back to the complete issue
Tuesday, 4 February 2020

Earnings watch: CIB delivers record 4Q, FY2019 results; MNHD profits hit EGP 1 bn

EARNINGS WATCH- CIB delivers record 4Q, FY2019 earnings: CIB posted record consolidated net profits of EGP 3.26 bn in 4Q2019, up 27% y-o-y from EGP 2.56 bn during the same quarter the year before, according to a company statement released overnight (pdf). The bank also delivered record a full-year bottom line of EGP 11.8 bn, up 23% y-o-y. Revenues for the quarter hit EGP 6.15 bn, rising 18% y-o-y, while full-year revenues came in 13% higher y-o-y at EGP 23.0 bn. Management said the strong growth figures came despite “vigorous competition over market funds” in the banking sector as a result of the Central Bank of Egypt’s 450 bps interest rate cuts delivered throughout the year.

Looking ahead: “We remain positive about the economic outlook and confident about CIB’s ability to ride out market variations in light of the expected continuation of the monetary easing cycle, drawing on its proven record of resilient balance sheet fundamentals and effective management besides its affluent capital buffer,” the bank’s management said. Read CIB’s full consolidated earnings release here (pdf).

Madinet Nasr Housing & Development’s (MNHD) net profit grew 5.6% in 2019 to EGP 1 bn in 2019, according to an EGX disclosure (pdf). The company posted consolidated revenues of EGP 2.2 bn during the year, while its presales grew to EGP 6.3 bn.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.