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Wednesday, 31 March 2021

Earnings Watch: B Investments, GlaxoSmithKline

The EGX30 fell 1.6% at today’s close on turnover of EGP 1.21 bn (16.4% below the 90-day average). Foreign investors were net sellers. The index is down 2.6% YTD.

In the green: Orascom Financial (+5.0%), Heliopolis Housing (+0.6%) and Madinet Nasr Housing (+0.5%).

In the red: Fawry (-4.4%), Pioneers (-2.6%) and Ibnsina Pharma (-2.4%).


CIB shareholders will receive one additional share for every three they currently hold after the board approved a EGP 4.9 bn share capital increase in a general assembly meeting today, it said in a regulatory filing (pdf). The bank will distribute the new shares after obtaining regulatory approval.

EARNINGS WATCH-

B Investments’ net income increased 66% in 2020, reaching EGP 287.9 mn from EGP 173.2 mn in 2019, the company said in its annual earnings release (pdf) this morning. Revenues came in at EGP 370.2 mn last year, up 60% from EGP 230.7 mn the year before.

GlaxoSmithKline Egypt’s net income plunged more than 80% in 2020 to EGP 28.1 mn, down from EGP 142.6 mn the year before, it said in its earnings release (pdf) today. The sharp fall in profitability came despite revenues holding up through the year. The company’s top line grew 16% to almost EGP 2 bn, up from EGP 1.7 bn in 2019.

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