Pioneers, Arab Dairy report higher net income in 1Q2021, Kabo narrows losses
EARNINGS WATCH- Pioneers Holding net income inched up to EGP 299.6 mn in 1Q2020, up 10.4% y-o-y from EGP 271.3 mn in 1Q2021, according to the company’s earnings release (pdf). Revenues also climbed 18% over the first quarter of 2020 to reach EGP 2.04 bn.
Arab Dairy saw its net income jump to EGP 8.37 mn in 1Q2021, compared to EGP 831,647 in the same quarter of 2020, according to the company’s quarterly financials (pdf). Revenues also rose to EGP 383.13 mn in 1Q2021 from EGP 340.15 mn in 1Q2020.
El Nasr Clothing and Textiles (Kabo) has reported a net loss of EGP 7.4 mn in 1Q2021, up from a loss of EGP 16.2 mn in 1Q2020, according to its quarterly financials (pdf). Sales were down 16.7% y-o-y to EGP 73.7 mn.
IN MARKET NEWS-
Tobacco monopoly Eastern Company has officially denied it’s planning to issue securitized bonds, confirming in a statement to the EGX (pdf) that “it has not communicated with any party regarding this matter.” This came after Eastern CEO Hany Aman shot down a recent report by Al Shorouk claiming that his company was looking into executing a securitized bond sale worth some EGP 3 bn to expand its product line, telling Enterprise this week that securitized bonds aren't on the menu.
MARKET ROUNDUP-
The EGX30 rose 0.5% at today’s close on turnover of EGP 1.05 bn (18.6% below the 90-day average). Foreign investors were net sellers. The index is down 8.4% YTD.
In the green: Fawry (+1.5%), CIB (+1.5%) and Eastern Company (+1.4%).
In the red: CI Capital (-3.8%), Qalaa Holdings (-3.2%) and Emaar Misr (-1.8%).