Earnings Watch: Orascom Development, Arabian Cement, AT Lease
Orascom Development Egypt’s saw an almost 5x rise in net income in 1Q2021, reporting (pdf) this morning EGP 438.5 mn in income during the three-month period, up from EGP 92 mn last year. Revenues increased 62% to hit EGP 1.46 bn during the quarter, up from EGP 904 mn during the same period last year. Topline growth was driven by accelerated construction across the company’s projects and a 156% increase in real estate revenue.
Al Tawfeek for Financial Lease (AT Lease) almost quadrupled its net income to EGP 73.8 mn in 1Q2021, up from EGP 19.1 mn in the same quarter last year, driven by profits from an EGP 1 bn securitized bond issuance in February, according to the company’s financial statement (pdf). This came despite a dip in revenue to EGP 129.6 mn from EGP 131.3 mn last year
Arabian Cement reported a net loss of EGP 6.3 mn in 1Q2021, after turning a net profit of EGP 15.9 mn in the same period last year, according to the company’s financial statement (pdf). Revenues fell almost 40% to EGP 432.4 mn from EGP 702.8 mn last year.
The EGX30 rose 0.4% at today’s close on turnover of EGP 819 mn (34.2% above the 90-day average). Foreign investors were net sellers. The index is down 1.5% YTD.
In the green: MM Group (+4.9%), Oriental Weavers (+4.5%) and Fawry (+2.1%).
In the red: Edita (-2.2%), Ezz Steel (-1.7%) and Cleopatra Hospital (-1.6%).