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Thursday, 3 June 2021

Earnings: state-owned El Nasr Civil Works, Egyptalum remain in the red

EARNINGS WATCH- State-owned Egyptian Aluminium Company (Egyptalum) saw its net losses narrow to EGP 348 mn in 9M2020-2021, compared to a lost EGP 1.02 bn in the same period last year, the company said in its earnings report (pdf). Revenues rose 46% y-o-y to EGP 8.14 bn in the first nine months of the company’s fiscal year, which runs from 1 July 2020 to 30 June 2021.

El Nasr Civil Works reported a net loss of EGP 2.54 mn in 1Q2021, compared to a positive bottom line of EGP 4.04 mn in the same quarter last year, according to the company’s quarterly financials (pdf). Revenues fell 17.6% y-o-y to reach EGP 46.6 bn during the quarter, down from EGP 56.6 bn in 1Q2020.

MARKET NEWS- GB Auto is now the sole distributor in Egypt of Chinese automotive company Changan, according to a bourse filing (pdf). GB Auto will be launching this month the New Alsvin, Eado DT sedans, and the CS15 and the CS55 SUV brands.

MARKET ROUNDUP-

The EGX30 fell 0.7% at today’s close on turnover of EGP 1.51 bn (13.9% above the 90-day average). Foreign investors were net sellers. The index is down 7.3% YTD.

In the green: Ibnsina Pharma (+2.5%), Pioneers Holding (+2.3%) and Telecom Egypt (+2.0%).

In the red: CI Capital (-4.8%), Fawry (-2.0%) and Qalaa Holding (-1.9%).

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