EARNINGS WATCH- Ibnsina Pharma’s net profits dipped 36.8% y-o-y to EGP 38.7 mn in 2Q2020, from EGP 62.2 mn in 2Q2019, according to the company’s earnings release (pdf). Ibnsina reported EGP 4.4 bn in revenues during the quarter, up 16% y-o-y from EGP 3.82 bn. In the first half of the year, revenues rose 17.6% y-o-y to EGP 8.9 bn, while net profits during the first six months of the year fell 13.8% y-o-y to EGP 89 mn. Commenting on the results, CEO Omar Abdel Gawad said “the industry’s defensive nature and strong fundamental profile” meant sales were not as badly affected by the pandemic as other economic activity, and allowed Ibnsina’s performance to outpace the broader market during the first half of the year. Looking ahead, Ibnsina sees a healthy 2H2020 after the nationwide curfew was lifted and medical clinics and doctors’ offices reopen, helping to spur “a significant rebound in market activity.”

Telecom Egypt reported a 46% y-o-y rise in 2Q2020 net profits to EGP 746 mn, with net revenues growing 20% y-o-y to EGP 7.9 bn, according to the company’s earnings release (pdf).

On a six-month basis, TE’s net profit came in at EGP 2.1 bn, down 3% y-o-y, while net revenues climbed 18% y-o-y to EGP 15 bn.

Maridive Oil Services’ net loss widened to USD 28.3 mn in 1Q2020 from USD 3.77 mn in 1Q2019, according to a regulatory filing (pdf). Maridive’s revenues over the first half of the year came in at USD 65.2 mn. The company, which is looking to divest a key subsidiary to Jeddah-based Khaled Abdullah Al Subaie Holding Company, opened talks with creditors in March as it grappled with the twin threats of covid-19 and the collapse in oil prices.

Arabian Cement also reported a net loss of EGP 5.64 mn for 1H2020, after turning a net profit of EGP 25.38 mn in the same period the previous year, according to a disclosure to the EGX (pdf).