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Thursday, 15 April 2021

Earnings watch: CIRA

The EGX30 rose 0.3% at today’s close on turnover of EGP 899 mn (33.9% below the 90-day average). Regional investors were net buyers. The index is down 6.5% YTD.

In the green: Eastern Co. (+2.9%), CIB (+1.7%) and Export Development Bank (+1.4%).

In the red: TMG Holding (-3.0%), AMOC (-2.8%) and MM Group (-2.7%).

Private sector education outfit CIRA’s net profits grew 12% y-o-y to EGP 249.9 mn in the first half of their 2020-2021 fiscal year, which begins in September, according to the company’s earnings release (pdf). Revenues rose 14% y-o-y to EGP 758.8 mn, the bulk of which came from tuition revenues, up 21% y-o-y. Top line growth was driven by an uptick in enrollment in both segments, with K-12 enrollment up 5% y-o-y, and university enrollment up 26% following the inauguration of additional faculties at its Badr University Cairo.

During the half, CIRA announced a partnership with Beltone Consumer Finance, that will provide an alternative financing method by allowing the repayment of tuition fees over 12 equal monthly installments with minimal documentation required and instant approval. The financing method will be rolled out at seven schools in pilot phase, CEO Mohamed El Kalla said.

Looking ahead: Construction is underway on CIRA’s British Columbia Canadian International School and Saxony International School in O West, and a new Futures Language School in Sohag. Campus activities at Badr University in Assiut are expected to begin by the end of September 2021, El Kalla added.

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