EARNINGS WATCH- Lots and lots of companies released earnings at the buzzer yesterday, the final day for listed corporations to release their 3Q numbers without incurring late fines.

CIB will postpone the release of its third quarter financials until the bank completes its internal review of the findings of a central bank audit that last month suggested CIB was in violation of some (unspecified) banking regulations, the bank said in a statement. CIB did not specify when it expects to publish its 3Q results, but said it would release additional updates when appropriate. The bank said it is working with its external auditors (PwC and Deloitte) to review the CBE’s findings

No adverse impact: “At this time, following a preliminary internal review, we do not expect the impact of the findings to have a material adverse effect on the current financial condition of CIB,” the bank said in its statement, which said its board meeting on 14 November 2020 agreed that the release of 3Q figures would be postponed “until the Bank completes its review process, in coordination with its external auditors.”

GB Auto posted net profits of EGP 375 mn in 3Q2020, up from a net loss of EGP 8.3 mn during the same quarter last year, the company said in its earnings release (pdf). Revenues dropped 8.5% y-o-y to EGP 6.2 bn. The company’s auto and auto-related (A&AR) revenues fell 14.5% y-o-y due to the impact of the pandemic. That said, the A&AR segment saw a turnaround this quarter, with revenues surging 68% q-o-q to EGP 4.8 bn as demand picked up amid recovering business conditions. “Our third quarter results reflect an encouraging recovery across our markets as conditions normalize and demand picks up at the majority of our business lines, exceeding the most bullish expectations,” CEO Raouf Ghabbour said.

Looking ahead, GB Auto is “cautiously optimistic regarding market conditions and will remain vigilant in the face of any eventuality,” Ghabbour said. The company is anticipating a continued recovery in its A&AR segment and further growth in passenger car sales, with two- and three-wheelers to continue to benefit from “strong market fundamentals,” he added.

Ibnsina Pharma’s net profits fell 22% y-o-y to EGP 111.6 mn in 3Q2020, from EGP 142.4 mn in 3Q2019, according to the company’s earnings release (pdf). Revenues were up 10% to EGP 4.8 bn from EGP 4.4 bn in the same quarter last year. Commenting on the results, CEO Omar Abdel Gawad said “despite the undeniable challenges faced by the pharma industry in 2020, Ibnsina Pharma has managed to increase its market share of the retail segment to 22.8% as of 9M2020, up from 20.8% one year previously.”

Looking ahead, Ibnsina expects the market to overcome “the lingering effects” of the pandemic and its restrictions in the coming quarters. The company plans to push on with its long-term strategy, which includes a digital financial platform giving customers access to multiple fintech products, a pharmacy management system and a supplier self-service platform.

Arabia Investments Holding’s (AIH) 3Q2020 net profits increased 250% y-o-y to EGP 31 mn from EGP 9 mn last year, according to a company earnings release (pdf). Revenues for the quarter were up 157% y-o-y to EGP 637 mn, driven by 181% y-o-y growth in construction and building materials revenues, and a 42% y-o-y growth in the non-banking financial services (NBFS) revenues. Subsidiary UE Finance saw its portfolio triple during the quarter to EGP 2.1 bn, while its Rawaj auto sales were up 25% y-o-y for the quarter.

Looking ahead, AIH plans to double its business over the coming three years by adding new services and products across its investments, expanding geographically, and adding new investments and companies to its NBFS portfolio.

Orascom Development Egypt (ODE) reported a 76% y-o-y increase in net profits to EGP 189 mn in 3Q2020 from EGP 107.4 mn last year, according to the company’s earnings release (pdf). Revenues increased 32% y-o-y to EGP 1.3 bn during the quarter, down from EGP 1 bn during the same period last year.

Pioneers Holding’s net profits more than halved to EGP 66.1 mn in 3Q2020 from EGP 136.9 mn in the same period last year, according to the company’s financials (pdf). Pioneers 3Q2020 revenues fell to EGP 1.6 bn from EGP 1.8 bn last year.

Emaar Misr reported net profits of EGP 440 mn in 3Q2020, down from EGP 534 mn in the same quarter of last year, according to its financial statements (pdf). The drop in profits came despite revenues rising 43% to EGP 1.27 bn, up from EGP 883 mn in 3Q2019.

Obour Land reported net profits of EGP 99.4 mn for 3Q2020, a 12% y-o-y decline from EGP 113.3 mn in 2019, according to an earnings release (pdf). Net revenues for the quarter were up 9% y-o-y to EGP 795.5 mn.

B Investments reported net profits of EGP 30.6 mn in 3Q2020, down 22% from EGP 37.4 mn in the same period last year, according to a company earnings release (pdf).

Eastern Company reported net profits of EGP 1.2 bn in 3Q2020, up 10% y-o-y from EGP 1 bn last year, according to a bourse filing.

The Egyptian Resorts Company returned to profit in 9M2020, reporting a EGP 22,1 mn profit for the period compared to a EGP 15.2 mn loss last year, according to a bourse filing.

Arabian Cement reported net losses of EGP 34.5 mn for 3Q2020, down from a net profit of EGP 5.8 mn during the same period last year, according to the company’s consolidated financial statements (pdf). Sales revenues fell 17% to EGP 592 mn during the quarter, from EGP 712 mn in 3Q2019.

Arab Dairy posted a net loss of EGP 3.3 mn in 9M2020, down from a net profit of EGP 20.6 mn in the same period last year, according to financial statements.