EARNINGS WATCH- SODIC’s net profits rose 179% to EGP 468 mn y-o-y in 3Q2020, according to the company’s earnings release (pdf). Revenues for the quarter increased 50% y-o-y, reaching EGP 2.1 bn, while gross contracted sales surged 174% to EGP 2.2 bn from 393 units sold. Residential sales recorded EGP 2.1 bn, up 264% y-o-y. The company delivered 530 units in 3Q2020 compared to 311 during the same period last year, selling 335 in East Cairo and 162 in West Cairo. Net profits after tax in 9M2020 rose 6% y-o-y to EGP 536 mn, despite a 7% decrease in revenues, on the back of a 33% increase in operating profits. The company sold 776 units during the nine-month period, raising gross contracted sales by 23% y-o-y to EGP 4.1 bn. Almost two-thirds of sales were in West Cairo, with Vye contributing 37% and the Estates 10%. Some 39% of sales were in East Cairo, with Villette accounting for 24% and SODIC East 10%.

The outlook: SODIC remains on track to hit its sales targets this year despite setbacks suffered earlier this year due to covid-19, the company said. Both cancellations and delinquency rates, which spiked during the height of the outbreak in the first half of the year, are both now trending downwards as the economy recovers from the lockdown period, it said.

Telecom Egypt’s 3Q2020 net profits increased 14% y-o-y to EGP 1.5 bn, the company said in an earnings release (pdf). Revenues for the quarter were up 17% to EGP 7.4 bn, driven by 55% y-o-y growth in its mobile customer base and 12% y-o-y growth in its fixed line customers.

Beltone Financial posted losses of EGP 35.9 mn in 9M2020, down 43% from losses of EGP 63.3 mn reported in 9M2019, according to an EGX filing.

Naeem Holding’s net profits increased 127% y-o-y in 9M2020 to USD 652.3k, according to an EGX filing on Thursday. The brokerage firm had posted losses of over USD 2.4 mn during the same period in 2019. Naeem Holding Investment is considering the acquisition of unlisted asset management firm Alpha Capital, it said in a separate filing (pdf). The brokerage firm is currently undertaking due diligence and seeking the necessary approvals from the Financial Regulatory Authority, the statement said.

Talaat Moustafa Group’s net profit increased 20% y-o-y in 9M2020 to EGP 1.6 bn according to an earnings release (pdf). Revenues for the period were up 34% y-o-y to EGP 10.4 bn.

The Housing and Development Bank’s (HDB) standalone net profits were down 6% y-o-y in 9M2020, to EGP 1.42 bn from EGP 1.52 bn, according to an EGX disclosure (pdf). Revenues were down 11.8% y-o-y to EGP 4.3 bn.

Clarified on 30 November 2020
A previous version of this coverage didn’t specify that HDB made ‘standalone’ net profits of EGP 1.42 bn in 9M2020. The story was updated to reflect this