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Wednesday, 11 August 2021

Earnings watch: Beltone, NBK Egypt, Credit Agricole Egypt, GSK, Obour Land, Arabian Cement

EARNINGS WATCH- Beltone Financial reported net income of EGP 4.7 mn in 2Q2021, up from a loss of EGP 12.1 mn in 2Q2020 and net income of almost EGP 3.8 mn in the first quarter of this year, according to an earnings report (pdf). The company’s revenues reached EGP 95.9 mn in 2Q2021, rising considerably from 2Q2020 revenues of EGP 62.09 mn.

NBK Egypt reported declining net profits this quarter reaching EGP 290.4 mn, down from EGP 350.7 mn during 2Q2020, according to the bank’s earnings release (pdf). The company has also reported revenues of EGP 796.2 mn over the quarter, down from EGP 834.90 mn in 2Q2020.

Credit Agricole Egypt saw its net income grow to EGP 388.6 mn during 2Q2021, up from EGP 261.1 mn in 2Q2020 according to its consolidated financials (pdf).

GlaxsoSmithKline’s Egypt unit saw net profit contract to EGP 18.0 mn in 2Q2021, down from EGP 79.6 mn in the first quarter of 2020, according to an EGX disclosure (pdf). Revenues at the company reached EGP 435.4 mn in 2Q2021, down from EGP 507.8 in 2Q2020.

Obour Land net profits reached EGP 74.2 mn in 2Q2021, up 3% y-o-y from the EGP 72 mn the company reported in 2Q2020, according to a Obour Land earnings release (pdf). Revenues at the company contracted 4% y-o-y to EGP 639.2 mn over the quarter, down from EGP 666.2 mn in 2Q2020.

Arabian Cement losses narrowed to EGP 17.0 mn in 2Q2021 from EGP 21.5 mn in 2Q2020, according to a company statement (pdf). The company’s sales dropped to EGP 532.4 mn in 2Q2021, from EGP 621.1 mn in 2Q2020.


The EGX30 rose 0.3% at today’s close on turnover of EGP 1.74 bn (24% above the 90-day average). Local investors were net buyers. The index is up 0.4% YTD.

In the green: Heliopolis Housing (+3.0%), Fawry (+1.6%) and Speed Medical (+1.4%).

In the red: Sidi Kerir Petrochemicals (-4.5%), Raya Holding (-3.1%) and Ezz Steel (-2.3%).

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