Tuesday, 31 August 2021

Orascom Financial in the black since launching in December

Orascom Financial Holding has made a total net income of EGP 36.7 mn since its inception in December last year on revenues of EGP 248.4 mn, according to the company’s financial statements (pdf). In 2Q2021, OFH generated EGP 17.3 mn in net income on revenues of EGP 119.7 mn. Orascom Investment Holding spun off its financial business, creating OFH in a demerger that concluded earlier this year when OFH started trading on the EGX.

Pioneers Holding’s net income fell over 57% to EGP 223.2 mn during 2Q2021 from EGP 529.7 mn the year before, according to the company’s financial statement (pdf). The drop came despite revenues climbing 22% to EGP 2.2 bn during the quarter from EGP 1.8 bn last year.

Things turned up for Al Ahly for Development and Investment, which recorded a net income of EGP 5.9 mn during 2Q2021 after turning a EGP 423k loss last year, according to the company’s financial statement (pdf). Revenues rose almost 25% to EGP 18.3 mn from EGP 14.8 mn last year.

Tourism developer Remco generated net income of EGP 197.4 mn during 2Q2021, rebounding from a tough quarter last year when the company made a EGP 209.9 mn loss due to the shuttering of the country’s tourism sector due to covid, figures from the company’s quarterly financials (pdf) show.

SMALL CAP NEWS- Odin Investments’ real estate investment firm Emerald is planning to IPO on the Nilex by next month via a private placement and public offering, CEO Hashem El Sayed told us, confirming news first broken by Al Mal. The company will list a 10.5% stake on the exchange, with 65% of the 45 mn shares being allocated to institutional investors, and the remaining 35% being offered to the public, he said.

Regulatory approval: The Financial Regulatory Authority on Thursday gave the go ahead to the company to start preparing for the offering and green-lit the fair value report, which will be disclosed when the prospectus has been approved, El Sayed said.

Advisors: Odin Capital provided financial advice and EgyTrend handled the fair value report.

MARKET WATCH-

The EGX30 fell 0.2% at today’s close on turnover of EGP 1.6 bn (7.8% above the 90-day average). Regional investors were net sellers. The index is up 2.8% YTD.

In the green: Fawry (+5.4%), Mopco (+1.9%) and Credit Agricole (+1.8%).

In the red: Speed Medical (-8.2%), Qalaa Holding (-2.5%) and Egyptian Resorts Company (-2.4%).

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