Monday, 9 August 2021

Rameda net income up 60% in 2Q2021

EARNINGS WATCH- Tenth of Ramadan for Pharma Industries and Diagnostic Reagents’ (Rameda) net income rose 60% to EGP 31.5 mn in 2Q2021, up from EGP 19.7 mn in the same period last year, according to the company’s financials (pdf) released this morning. Revenues grew by 30% to EGP 267 mn during the quarter.

Covid drives revenue growth in 2021: “Top-line growth was primarily led by the success of Rameda’s covid-19 related antiviral products, Anviziram and Remdesivir, which collectively generated EGP 80 mn in sales and were among the top 10 products sold in 1H2021,” CEO Amr Morsy said in the company’s earnings release (pdf). Products launched since the beginning of 2020 accounted for 42% of the company’s revenues during the first six months of the year, he said.

Looking ahead: In the second half of 2021, “we aim to further build on and replicate our latest successful acquisition and launch new products that further expand and optimize our portfolio,” Morsy said.

CI Capital’s net income increased more than ninefold in 2Q2021, reaching EGP 9.7 mn from EGP 1 mn last year, according to the company’s financials (pdf). Revenues almost tripled to EGP 1.4 bn from EGP 514 mn in 2Q2020.

Ezz Steel recorded an EGP 1.21 bn profit in 2Q2021 after being in the red last year, according to its consolidated financials (pdf). Al Ezz Dekheila Steel also turned to profit in 2Q2021, with the company reporting (pdf) yesterday an EGP 1.04 bn profit during the quarter, compared to a EGP 1.2 bn loss last year.

MARKET WATCH-

The EGX30 rose 0.6% at today’s close on turnover of EGP 1.8 bn (27.8% above the 90-day average). Local investors were net buyers. The index is down 0.4% YTD.

In the green: Telecom Egypt (+3.5%), Ezz Steel (+2.7%) and Medinet Nasr Housing (+1.5%).

In the red: AMOC (-3.6%), Speed Medical (-2.7%) and MM Group (-2.5%).

Correction: 9 August 2021.

A previous version of this story incorrectly stated that CI Capital reported a EGP 974k profit in 2Q2021, and Ezz Steel recorded a EGP 1.03 bn loss. 

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