EARNINGS WATCH- Centamin Mining pre-tax profits surge on rising gold prices, higher production: Centamin Mining’s pre-tax profits soared by 221% during the first half of the year as the company ramped up production from its Sukari mine and gold prices rose. Pre-tax profits rose to USD 191 mn during the period, up from USD 60 mn last year, according to the company’s earnings release (pdf). Gold prices rose 17% during the first six months of the year as investors piled into the safe haven asset in response to the covid-19 pandemic, helping the company sell at an average price of USD 1,657/ounce, up from USD 1,305 last year. Production at its Sukari mine in the Eastern Desert rose 9% to 256,084 ounces during the period.

Madinet Nasr Housing & Development’s (MNHD) consolidated net profit fell 6% in 1H2020 to reach EGP 484.6 mn, down from EGP 515.6 mn in the same period last year, according to an EGX disclosure (pdf). Revenues climbed 21% on an annual basis, reaching EGP 1.31 bn during the first six months of the year from EGP 1.1 bn last year.

Juhayna net profits rose 9.4% to EGP 118 mn in 2Q2020, up from EGP 108 mn in the same period last year, according to the company’s quarterly earnings release (pdf). This came despite a 6% drop in revenues, which fell to EGP 1.9 bn from EGP 2 bn in 1Q2019.

Amer Group net profits increased 8.6% to EGP 27.6 mn in 1H2020, up from EGP 254 mn last year, according to the company’s earnings release (pdf). Revenues over the six-month period fell by EGP 1 mn to EGP 690 mn from the previous year.

Ezz Steel fell deeper into the red in 1Q2020, with the company reporting yesterday losses of EGP 1.1 bn, down from EGP 611 mn in 1Q2019.

Egyptian Resorts Company (ERC) posted a net profit of EGP 25.1 mn in the first quarter of 2020, up from a loss of EGP 8.7 mn in 1Q2019, according to its earnings statement (pdf). Revenues surged 307% y-o-y to EGP 89.5 mn from EGP 29 mn in the first quarter last year.