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Tuesday, 17 November 2020

Earnings: Fawry, PHD, Al Ahly for Development and Investment, ADIB, Misr Cement (Qena)

EARNINGS WATCH- Fawry’s net profit surged 99% y-o-y in 9M2020 to EGP 119.1 mn from EGP 59.7 mn last year, according to a company earnings release (pdf). Revenues rose 45% to EGP 892.7 mn from EGP 614.9 mn last year. “Fawry’s top line continues to grow at a rapid clip … [and] remains broad-based and driven by strong performance across each of Fawry’s business segments,” CEO Ashraf Sabry said. The performance of the company’s banking services segment and its FawryPlus chain of banking outlets were handed an “extra boost” during 3Q, and myFawry app downloads crossed the 1 mn mark, he said.

Looking ahead: “We are confident that Fawry’s financial results for FY2020 will remain well within published guidance,” and the company will be “well-positioned to capture significant growth potential in 2021,” Sabry said.

Palm Hills Development’s net profits surged 156% in 3Q2020 to EGP 238 mn, up from EGP 93 mn in 3Q2019, the company said in its earnings release (pdf). The company’s topline grew 39% to EGP 1.5 bn from EGP 1.1 bn in the third quarter of last year. Meanwhile, home sales have recovered following the easing of the partial lockdown, it said.

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