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Sunday, 14 November 2021

Earnings season is in full swing

Abu Qir Fertilizers reported an 88% y-o-y increase in its bottom line to EGP 1.3 bn in 1Q2021-2022, according to the company’s quarterly financials (pdf). The company’s top line grew 52% y-o-y to EGP 2.7 bn during the first quarter of its fiscal year, which begins in July. Abu Qir Fertilizers attributed the sharp growth to surging global demand for fertilizers and hikes in chemical prices.

Real estate developer Amer Group reversed its losses in 3Q2021, posting a bottom line of EGP 11.9 mn, compared with losses of EGP 17.6 mn in the same quarter a year before, according to the company’s quarterly financials (pdf). Amer Group posted a 75% y-o-y increase in its third-quarter revenues to EGP 363.3 mn.

Abu Dhabi Islamic Bank’s net income rose 23% y-o-y in 3Q2021 to EGP 1 bn, according to the bank’s financials (pdf). The bank’s net interest income rose 9% y-o-y to EGP 2.6 mn in 3Q2021.

Oriental Weavers’ bottom line fell 14.9% y-o-y to EGP 290 mn in 3Q2021, according to the company’s latest financials (pdf). The company reported revenues of EGP 2.7 bn in 3Q2021, down 6.9% y-o-y.

Talaat Moustafa Group reported net earnings after tax of EGP 1.7 bn in 9M2021, up 8% y-o-y, according to its quarterly financials (pdf). The group reported a 9% y-o-y increase in net revenues to EGP 11.3 bn.

Alexandria New Medical Center’s net income dipped 31.5% y-o-y in 3Q2021, clocking in at EGP 7.4 mn, according to its quarterly financials (pdf). The company’s revenues grew 12% y-o-y to EGP 67.6 mn. This comes as the bidding war for its parent company Alex Medical begins to cool off, with TAT Medical Services pulling out soon after Speed Medical also pulled its offer.

Arabia Investments Holding (AIH) saw its net income fall 51.2% y-o-y to EGP 15.2 mn in 3Q2021. AIH’s revenues also fell 34% y-o-y to EGP 420 mn during the quarter, according to their latest financials (pdf).

Arab Dairy’s losses widened in 3Q2021 to EGP 15 mn from EGP 8.4 mn in losses during the same period last year, according to the Panda cheese manufacturer’s quarterly financials (pdf). Sales fell 9.5% y-o-y to EGP 287 mn during 3Q2021.


The EGX30 rose 0.8% at today’s close on turnover of EGP 938 mn (36.7% below the 90-day average). Foreign investors were net sellers. The index is up 7.5% YTD.

In the green: Abou Kir Fertilizers (+5.8%), Speed Medical (+5.1%) and Oriental Weavers (+2.2%).

In the red: Ezz Steel (-6.5%), GB Auto (-2.8%) and AMOC (-2.8%).

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