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Wednesday, 7 July 2021

OIH, Dice report 1Q2021 earnings

EARNINGS WATCH- Orascom Investment Holding (OIH) reported net losses of EGP 31 mn in 1Q2021, compared to a net income of EGP 51.6 mn in the same quarter last year, according to its consolidated financials (pdf). Operating revenues were up to EGP 206.6 mn during the quarter from EGP 179.4 mn in 1Q2020. Earlier this year, OIH spun off its non-bank financial services holdings into Orascom Financial Holdings through a horizontal demerger.

Dice reported a consolidated bottomline of EGP 4.06 mn in 1Q2021, reversing a net loss position to the tune of EGP 43.3 mn during the same quarter of the previous year, according to its latest financials (pdf). The EGX-listed clothing manufacturer's total sales jumped almost 15% to EGP 297.6 mn in 1Q2021, up from EGP 260 mn in 1Q2020.

MARKET WATCH-

The EGX30 rose 1.2% at today’s close on turnover of EGP 1.06 bn (14% below the 90-day average). Local investors were net sellers. The index is down 5.2% YTD.

In the green: CIB (+2.5%), TMG Holding (+2.2%), and CI Capital (+2.2%).

In the red: Fawry (-1.5%), Orascom Development Egypt (-0.9%) and Sodic (-0.2%).

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