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Wednesday, 10 June 2020

Earnings watch: Ibnsina Pharma, Emaar Misr

EARNINGS WATCH- Ibnsina Pharma has reported a 19.8% increase in 1Q2020 net profits to EGP 50.3 mn, from EGP 42 mn in the same period last year, it said in its earnings report (pdf). Revenues for the quarter jumped 19.2% to EGP 4.4 bn from EGP 3.7 bn in 1Q2019. Demand has been “resilient” in the face of covid-19 given the “strongly defensive nature of Egypt’s pharma market,” CEO Omar Abdel Gawwad said. The company has withdrawn its earnings guidance due to uncertainty here and abroad but expects the market to recover during the second half of the year, Abdel Gawwad said.

Emaar Misr profits down 42% in 1Q2020: Emaar Misr profits fell by 42% in the first quarter of 2020, extending a losing streak that saw profits fall 50% last year, according to a disclosure to the EGX yesterday. The company reported net income of EGP 215.8 mn during the first three months of the year, down from EGP 418.6 mn in 1Q2019.

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