EARNINGS WATCH- CIRA posts strong profit, revenue growth in 1H2019-2020: Private sector education outfit CIRA has posted net profits of EGP 223.7 mn for the first half of 2019-2020, up 34% from the same period in 2019, according to the company’s earnings statement (pdf). Bottom line growth was driven by a 57% increase in revenues which rose to EGP 666.5 mn from EGP 424.1 mn a year ago. Enrolment at the company’s flagship Badr University increased by 33% to 10,450k students during the period while its K-12 segment saw a 10% rise to 26,815 students.

Looking ahead: “Despite the trying circumstances which have cast a shadow on education systems across the globe, CIRA continues to lay the groundwork that will consolidate and further develop the company’s position as Egypt’s premier provider of quality, accessible education,” CEO Mohamed El Kalla said. “We are confident that CIRA, its educators and its students will emerge from these times stronger than before, and our teams fully prepared to realize the company’s strategic objectives.”

Obour Land profits up 28% in 1Q: Cheesemaker Obour Land net profits increased by 28% in 1Q2020 to EGP 68.1 mn from EGP 53 mn in the same period last year, according to the company’s quarterly earnings statement (pdf). Revenues rose marginally to EGP 582.8 mn, up 1% from 1Q2019.