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%).