Sunday, 13 June 2021

Earnings: Emaar Misr, Alex Medical more than double net income in 1Q2021

EARNINGS WATCH- Emaar Misr’s consolidated net income more than doubled in 1Q2021 to EGP 529.1 mn, up from EGP 247.6 mn in the same quarter last year, according to the real estate developer’s financials (pdf). The jump came as revenues soared during the first quarter of the year to EGP 1.54 bn from EGP 2.42 bn in 1Q2020.

Alexandria New Medical Center’s net earnings, meanwhile, rose 138% to EGP 12.3 mn in 1Q2021, compared to EGP 5.2 mn in the same period last year, the company said in its earnings report (pdf). Revenues were up 18.7% during the first quarter to EGP 63.8 mn.

This comes as Alexandria New Medical’s parent company Alexandria Medical Services has been the target of a bidding war by multiple potential suitors. Three bidders — Cleopatra Hospitals Group, TAT Medical Services, and the UAE’s Yaz Holding — made formal offers to acquire the company. Other interested parties include Nile Scan, healthcare investment firm Seha Capital, and a consortium made up of Saudi’s Tawasol Holdings and LimeVest.

MARKET ROUNDUP-

The EGX30 fell 0.9% at today’s close on turnover of EGP 1.24 bn (8.1% below the 90-day average). Local investors were net sellers. The index is down 8.8% YTD.

In the green: Eastern Company (+2.0%), Pioneers Holding (+1.6%) and Export Development Bank (+1.0%).

In the red: Orascom Financial Holding (-3.5%), MM Group (-3.3%) and Ezz Steel (-3.1%).

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