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Monday, 30 August 2021

Earnings: Heliopolis Housing, Housing and Development Bank + MB Engineering

Minapharm Pharma bottomline more than doubled during 2Q2021, recording EGP 130.5 mn compared to EGP 48.2 mn last year, according to its financial statement (pdf). Revenues during the quarter were up 33% to EGP 681.4 mn from EGP 510 mn last year.

MB Engineering recorded a net income of EGP 1.4 mn in 2Q2021 following a EGP 5.5 mn loss during the same period last year, according to the company’s financial statement (pdf). Revenues more than doubled to EGP 56.6 mn during the quarter, up from EGP 22.4 mn last year.

Heliopolis for Housing and Development’s (HHD) net income fell almost 50% y-o-y to EGP 190.9 mn during FY2020-2021, compared to EGP 365.5 mn the year before, the state-owned company said in an EGX filing (pdf) today. The falling income came amid a drop-of in revenues, which decreased to EGP 574.2 mn, down 47% from EGP 1.1 bn in FY2019-2020. The company attributed the decline to the coronavirus and failing to sell any plots of land during the year.

The Housing and Development Bank recorded a bottomline of EGP 1 bn during the first six months of the year, a slight drop from EGP 1.06 bn in 1H2020, the bank said in a bourse disclosure (pdf). The bank generated EGP 3.3 bn of revenues in the six-month period, up from EGP 2.9 bn last year, citing improved economic conditions.

MARKET ROUNDUP-

The EGX30 rose 0.5% at today’s close on turnover of EGP 2.1 bn (30.5% above the 90-day average). Local investors were net sellers. The index is up 2.9% YTD.

In the green: Heliopolis Housing (+5.6%), Cleopatra Hospitals (+4.7%) and EFG Hermes (+3.4%).

In the red: Mopco (-3.3%), MM Group (-3.1%) and Fawry (-2.7%).

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