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Wednesday, 10 November 2021

Earnings watch: Contact Financial, Beltone, MNHD, NileSat

Contact Financial’s net income rose 65% to EGP 114 mn in 3Q2021 from the same period in 2020, according to the company’s financials (pdf) out yesterday.

The results reflect growth in Contact’s financing business… Contact’s net income from financing across the first nine months of the year rose 60% y-o-y to EGP 343 mn, according to the company’s 9M earnings release (pdf). This was driven by an expansion of its lending portfolio which rose by a third to EGP 9.6 bn. The company attributed the growth to a “widespread rebound” in economic activity, new products and a growth of market share.

…and an easing of losses at its new ins. unit, which delivered a EGP 1.3 mn loss during 9M2021 after landing EGP 12.9 mn in the red last year. Gross written premiums rose 85% to EGP 376 mn.

Coming up: The company will soon roll out its new Contact Pay app which will provide new e-payment and other digital financing services.

MNHD reports 60% shortfall in net income during 9M2021: Real estate developer Madinet Nasr Housing & Development has seen net income fall to EGP 250 mn in 9M2021, down 60% y-o-y, according to a company earnings release (pdf). MNHD revenues reached EGP 1.38 bn over the nine month period, down 22% y-o-y. Muted net income over the course of 9M2021 is attributable to not having large land sales, the company said.

Beltone reverses its net losses in 3Q2021: Beltone Financial reported a bottom line of EGP 1.9 mn, reversing an incurred net loss of EGP 15.4 mn in 3Q2020, according to the company’s financials (pdf). This came as its topline grew to EGP 114.7 mn, up from EGP 68.1 mn the year before.

Satellite operator NileSat’s net income fell 67.6% y-o-y to USD 2.11 mn in 3Q2021, according to a company earnings release (pdf). Revenues also slipped, though less drastically, falling 9.7% y-o-y to USD 27.18 mn during the third quarter.

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