GLOBAL EARNINGS WATCH- Gold miner operator Centamin saw its 1H2021 profits after tax fall 20% y-o-y to USD 59.5 mn, amid a drop in production, according to its interim results. Centamin’s revenues fell 18% y-o-y in 1H2021 to USD 367.4 mn. These results reflect a 20% y-o-y fall in gold production to 204k oz and a 25% y-o-y drop in gold sales, which fell to 204k oz. The London-listed company will look to divulge its operations in Burkina Faso which are “no longer aligned with its investment criteria”

The company paid out USD 57 mn in profit share and royalty payments to Egypt in the first six months of the year, the earnings statement notes. Centamin’s future outlook includes future growth in Egypt and West Africa, with the company also announcing a new contract for exploration ground in Egypt's Arabian Nubian Shield saying it “demonstrates the quality and potential of our portfolio.”

Meanwhile, France’s Crédit Agricole posted its highest-ever 2Q2021 earnings, beating analyst expectations by 60%, according to their financial results (pdf). Net income more than doubled y-o-y to EUR 1.97 bn, and were 60% higher than pre-pandemic levels in 2Q2019.

MARKET ROUNDUP-

The EGX30 rose less than 0.1% at today’s close on turnover of EGP 1.64 bn (21.9% above the 90-day average). Local investors were net buyers. The index is down 1.1% YTD.

In the green: Cleopatra Hospital (+2.9%), AMOC (+2.4%) and Qalaa Holdings (+2.3%).

In the red: Ezz Steel (-2.6%), Eastern Company (-1.9%) and Rameda (-1.0%).