Back to the complete issue
Thursday, 11 June 2020

Earnings Watch: Misr Cement, Abu Qir, Telecom Egypt

EARNINGS WATCH- State-owned Telecom Egypt (TE) reported a 19% y-o-y decline in 1Q2020 net profits to EGP 1.3 bn on the back of declining investment income, according to its earnings release (pdf). TE’s consolidated revenues rose 15% y-o-y to EGP 7 bn as a result of higher retail data revenues.

Misr Cement reported 1Q2020 profits of EGP 46.6 mn, a near fourfold rise from the EGP 12 mn booked in the same period last year, according to an EGX filing. Misr Cement recorded 2.6% topline growth during the period, reporting revenues of EGP 816 mn, the company said in a statement (pdf). Management said enhanced profitability came as it cut its total debt by c. 20%.

Abu Qir Fertilizers saw profits fall by 26.3% in 3Q2019-2020, according to a regulatory filing (pdf). Profits came in at EGP 695 mn, down from EGP 944 mn in the equivalent period last year, while revenues fell by 23% to EGP 1.8 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; and Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt.