EARNINGS WATCH- Cleopatra Hospitals Group’s net profit rose 11% y-o-y in 3Q2020 to EGP 80 mn, up from EGP 72.2 mn last year, according to the company’s earnings release (pdf). Revenues grew 16% to EGP 536 mn in the third quarter, up from EGP 462 mn a year ago. “Margins are well on their way to making a full recovery supported by revenue growth and management’s wide-ranging cost control efforts,” the company said. “Our performance was supported by the gradual lifting of restrictive measures related to covid-19 and management’s proactive multi-pronged response strategy,” Cleopatra CEO Ahmed Ezzeldin said. Earlier during the pandemic, the lockdown led to a “sharp decline in patient volumes,” causing the company’s 2Q2020 profits to plunge 67% y-o-y.

Cleopatra is now on track to beat 2019 performance: Net profit in 9M2020 came in at EGP 182 mn, up 7% on the same period last year. Revenues also rose 7% during the period to EGP 1.37 bn.

Looking ahead: “I am confident that our strategic investments over the last two years, our established position in the industry, and our proven resilience and adaptability see us ideally positioned to drive sustainable growth,” Ezzeldin said. “We look forward to begin reaping the rewards of our revenue diversification and digitalization strategies which management views as key drivers of long-term growth and value creation.”

Orascom Investment Holding (OIH) reported a EGP 19.6 mn loss in 3Q2020 after generating a EGP 61.1 mn profit in the same period last year, according to a company earnings release (pdf). Revenues came in at EGP 243 mn during the quarter, down from EGP 254 mn in 3Q2019.