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Monday, 16 August 2021

Fawry, MM Group, ODE all report stellar earnings in 2Q2021

EARNINGS WATCH- Fawry’s net income rose 7% to EGP 51.4 mn in 2Q2021, up from EGP 47.9 mn in the same period last year, according to its financials (pdf). Revenues jumped 35% to EGP 393.6 mn in the April-June period, up from EGP 291.3 mn last year. The modest earnings increase follows a bumper first quarter for the e-payments giant, which more than doubled its bottom line to EGP 76.1 mn.

MM Group’s net income rose 11% to EGP 114 mn in 2Q2021, up from EGP 103 mn in the same period last year, according to the company’s earnings release (pdf). Revenues rose slightly during the quarter, hitting EGP 1.43 bn from EGP 1.4 bn last year.

B Investments’ net income fell almost 75% to EGP 21.9 mn in 2Q2021 from EGP 85.3 mn last year, according to the company’s financial results (pdf). Revenues suffered a 60% drop, reaching EGP 37.6 mn from EGP 93.3 mn in 2Q2020.

Orascom Development Egypt saw its bottom line quadruple to EGP 306.1 mn in 2Q2021, up from EGP 76.5 mn in the same period last year, according to the company’s earnings release (pdf). Revenues jumped by over 50% to reach EGP 1.5 bn in 2Q2021, compared to EGP 1 bn last year. Top line growth was driven by a strong performance in the company’s real estate segment, which saw revenues grow 80% to EGP 1.1 bn, as well as a slight recovery in its hotel’s business.

Diagnostics and healthcare firm Speed Medical’s bottomline jumped to EGP 67.2 mn in 2Q2021, compared to EGP 14.1 mn last year, according to the company’s financial results (pdf). Revenues also rose to EGP 109.7 mn in 2Q2021, compared to EGP 34 mn in 2Q2020.

Porto Group reported a net income of EGP 52.9 mn after posting a EGP 8.4 mn loss in the same period last year, according to the company’s financial results (pdf). Revenues jumped to over EGP 397 mn in 2Q2021, compared to EGP 129.5 mn in the same period of 2020.

MARKET WATCH-

The EGX30 rose 0.1% at today’s close on turnover of EGP 2 bn (33.2% above the 90-day average). Local investors were net sellers. The index is up 1.9% YTD.

In the green: Egyptian for Tourism Resorts (+5.7%), Credit Agricole (+2.8%), and Orascom Development (+2.0%).

In the red: CIRA (-2.6%), GB Auto (-2.2%), and AMOC (-2.1%).

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