Earnings Watch- Cleopatra Hospitals Group, Pioneers Holding, Suez Cement, Sidi Kerir for Petrochemicals
EARNINGS WATCH- Cleopatra Hospitals Group reports a 67% y-o-y decline in 2Q2020 net profits to EGP 14 mn, down from EGP 42.6 mn in the previous year according to the company’s earnings release (pdf). Revenues fell 17% y-o-y to EGP 340.2 mn over the quarter, down from EGP 409.1 mn. 2Q2020 performance setbacks were attributable to “a worsening economic situation resulting from the outbreak of covid-19 coincid[ing] with the holy month of Ramadan,” which caused “significant operational challenges for the group,” Cleopatra CEO Ahmed Ezzeldin said. The March-April lockdown also facilitated a “sharp decline in patient volumes” who likely chose to delay non-urgent hospital visits, Ezzeldin added.
Net profit in 1H2020 came in at EGP 102 mn (up 4% on the same period in 2020) on revenues of EGP 843.1 mn (a 2% increase over 1H2019).
Looking ahead: “We enter the second half of the year with optimistic expectations for the group’s operational and financial performance in the coming quarters” as government figures indicate “a sustained decline in the number of daily new cases,” and the company approaches finalizing an acquisition of a leading IVF center in the coming weeks, the Group’s CEO concluded.
Pioneers Holding’s net profits fell to EGP 529.7 mn in 2Q2020, down from EGP 638.1 mn in 2Q2019, according to the company’s financials (pdf). Pioneers also reported 2Q2020 revenues reaching EGP 1.8 bn down from EGP 4.4 bn in the previous year.
Alexandria Mineral Oils Company (AMOC) reported a net loss of EGP 477 mn in FY2019-20, from a profit of EGP 574.2 mn in FY2018-19, according to the company’s financials (pdf). The company reported revenues of EGP 9 bn in FY2019-20, down from EGP 14.86 bn in the previous year.
Sidi Kerir for Petrochemicals (SIDPEC) reported EGP 60.7 mn in losses during 2Q2020, down from a net profit of EGP 260 mn in 2Q2019, according to a company earnings release (pdf). Sidi Kerir reported revenues of EGP 719.6 mn in 2Q2020 down from EGP 1.3 bn in the previous year.
Suez Cement’s losses widened to EGP 435 mn in 2Q2020 down from EGP 454.8 mn in 2Q2019, according to the company’s financials (pdf). Sales revenues for the quarter reached EGP 1.4 bn in 2Q2020 down from EGP 1.5 bn in the previous year.
Tourah Cement losses narrowed in 2Q2020 to EGP 87 mn from EGP 410.4 mn in 2Q2019, according to the company’s financial statements (pdf). The company’s sales revenues inched down to EGP 33.8 mn in 2Q2020 from EGP 182.4 mn the previous year.
The Arab Petroleum Investments Corporation’s (Apicorp) net profits fell 22% to USD 54.8 mn during 1H2020, from USD 70.4 mn a year earlier, according to a company earnings release (pdf). Apicorp reported revenues of USD 82.9 mn in 1H2020, down 12% from 2019.