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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.

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