Ibnsina Pharma’s net income tumbled 71% y-o-y in 4Q2020 to EGP 24.2 mn, down from EGP 83.2 mn in 4Q2019, the pharma distributor said in its annual earnings statement (pdf). The drop comes despite net revenues rising 6.6% y-o-y during the quarter to EGP 4.9 bn. On a full-year basis, Ibnsina saw a 32% y-o-y drop in net income to EGP 225 from EGP 329 mn a year earlier, while its top line rose 12.5% y-o-y to EGP 18.7 bn from EGP 16.6 bn.

The outlook is brighter: “We are confident that the market has used 2020 to build the experience necessary to cope successfully with covid-related disruptions, and that Ibnsina Pharma will leverage the anticipated rebound in sales in FY2021,” said co-CEO Omar Abdel Gawwad.

Egypt Kuwait Holding’s (EKH) attributable net income fell 11% y-o-y to USD 27.0 mn in 4Q2020, down from USD 30.3 mn in 4Q2019. EKH’s 4Q2020 top line came in at USD 146.6 mn, compared to USD 149.5 mn in 4Q2019. On a full-year basis, the company recorded attributable net income of USD 116.3 mn compared to USD 115.6 mn in 2019, according to an earnings release (pdf). EKH’s top line rose 7% y-o-y to record USD 603.3 mn in FY2020, compared to 563.6 in FY2019, which Chairman Moataz Al-Alfi said was a result of the company’s diversification strategy and the strength of its portfolio. Management were able to introduce measures that helped boost cost control/optimization and improve operational efficiency across its fertilizer and petrochemicals segments, bolstering the company’s margins in 2020.

Looking ahead: EKH will capitalize on the energy segment’s growing market to expand the Group’s client portfolio and aims to leverage capacities to identify significant value generating ventures from the Egyptian government’s compressed natural gas (CNG) expansion initiative. EKH will “maintain a conservative approach” on commodities despite international consensus that we’re entering a commodities supercycle on the back of market recovery as the covid-19 vaccine is rolled out.

Palm Hills Development’s net income fell 35% in 4Q2020 to EGP 228 mn from EGP 349 mn in 4Q2019, it said in its earnings statement (pdf). Revenues during the quarter fell 36% y-o-y to EGP 1.7 bn, despite new sales picking up during the last three months of the year.

Al Baraka Bank Egypt reported EGP 1.26 bn in net income in 2020, up from EGP 1.07 bn in 2019, according to an EGX disclosure (pdf).

Domty recorded EGP 52.9 mn in net income in 4Q2020, up 35% y-o-y from EGP 39.1 mn in the same period the previous year, according to its earnings release (pdf). Revenues during the quarter rose 26% y-o-y to EGP 815.7 mn, from EGP 646.9 mn in 4Q2019. On a full-year basis, Domty’s net income came in at EGP 158 mn, up from EGP 156.2 mn in the previous year, while revenues rose to EGP 3 bn from EGP 2.67 bn in 2019.