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Monday, 29 June 2020

Earnings Watch: Palm Hills, Pioneers Holding, Sidpec, Suez Cement

EARNINGS WATCH- Palm Hills Developments (PHD) saw its net profits fall by 42% to EGP 81 mn in 1Q2020 from EGP 141 mn in the same period last year, according to its quarterly financials (pdf). This came despite revenues rising 18% to EGP 1.1 bn from EGP 958 mn.

Pioneers Holding’s net profits nearly halved in the first quarter of 2020 on a y-o-y basis, falling to EGP 271 mn from EGP 456 mn in 1Q2019, according to its earning statement (pdf).. Profits fell on the back of much lower revenues, which fell 30% to EGP 1.73 bn from EGP 2.49 bn.

Sidpec turns loss in 1Q2020: Sidi Kerir Petrochemicals Company (Sidpec) reported losses of EGP 31.3 mn in 1Q2020 against net profits of EGP 193.1 mn in 1Q2019, the company said in a regulatory disclosure.

Suez Cement turned an EGP 390 mn loss during the first three months of the year compared to the EGP 213 mn profit made in 1Q2019, the company said in an EGX filing (pdf).

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