Back to the complete issue
Monday, 15 November 2021

Earnings season still going strong: Ezz Steel, ODE, AMOC, Prime Holding, RCC, and B Investments report results

Ezz Steel posted a net income of EGP 1.4 bn in 3Q2021, after seeing a loss of EGP 1.3 bn in the third quarter of last year, according to the company’s consolidated financials (pdf). Revenues also rose to EGP 18.6 bn in the third quarter, compared with EGP 8.6 bn in the same period a year before. The results see the company continue a profitmaking streak that began in 1H2021, after being in the red for most of the previous decade.

The company’s outlook for this year and next is good so far for the company, as “global steel consumption continues to increase annually,” Ezz Steel said in its earnings disclosure to the LSE. Domestic consumption is also expected to pick up next year, on the back of “unrealized latent demand that resulted from the suspension of the issuance of building permits in 2020, and then the implementation of the new building regulations.”

Orascom Development Egypt (ODE) reported a 148% increase in its bottom line to hit EGP 468.8 mn in 3Q2021, according to the company’s latest earnings release (pdf). ODE reported EGP 1.9 bn in revenues for the quarter, a 42% y-o-y increase.

Alexandria Mineral Oils Company reverses losses: AMOC’s bottom line climbed to EGP 229.7 mn in 3Q2021, up from a loss of EGP 32 mn during the same period last year, according to the company’s quarterly financials (pdf). Net revenues were up 85% y-o-y to EGP 3.7 bn in the third quarter.

Prime Holding’s losses widened to EGP 12.9 mn in 3Q2021, from EGP 3.4 mn during the same period last year, according to their latest earnings report (pdf). The investment bank’s consolidated revenues went up 5% y-o-y to EGP 26 mn.

Raya Contact Center’s bottom line was up 22% to EGP 10.3 mn in 3Q2021, according to the company’s latest financial results (pdf). Revenues also increased slightly, coming in at EGP 184.8 mn compared with EGP 179.5 mn in the same period in 2020.

B Investments’ net income plunged to EGP 418k in 3Q2021, down from EGP 30.6 mn in the same quarter last year, according to the company’s quarterly income statement (pdf). Revenues fell to EGP 13.2 mn during the quarter, down from EGP 42.3 mn in 3Q2020.


The EGX30 fell 1.4% at today’s close on turnover of EGP 1.02 bn (31% below the 90-day average). Foreign investors were net sellers. The index is up 6.0% YTD.

In the green: Rameda (+5.5%), CIRA (+1.5%) and Speed Medical (+0.8%).

In the red: Fawry (-5.8%), Aspire Capital (-4.3%) and Palm Hills Development (-4.3%).

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.