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Wednesday, 15 December 2021

HHD’s losses widen + Arafa’s earnings fall 81% in 3Q2021

MARKET NEWS-

Heliopolis Housing and Development Company’s (HHD) losses widened to EGP 75.2 mn in 3Q2021, falling 82% y-o-y, according to the company’s financials (pdf). The company’s revenues came in at a negative, reporting a loss of EGP 41.7 mn, compared to bringing in EGP 38.3 mn during the same period last year. HHD explained that its negative revenue came as a result of revoking contracts for properties that were sold on a specific plot of land in New Heliopolis City during the quarter. The properties were then re-sold in November 2021, and the figures will be reflected in the company’s next quarterly financial statement.

Arafa Holdings’ consolidated net earnings fell 81% in 3Q2021, recording USD 2.3 mn, according to the company’s latest financial statement (pdf). The firm’s revenues, however, increased to USD 52.9 mn from USD 30.1 mn during the same period last year. The company's fiscal year starts on 1 February, meaning its third quarter spans August-October.

MARKET ROUNDUP-

The EGX30 rose less than 0.1% at today’s close on turnover of EGP 1.19 bn (14.2% below the 90-day average). Local investors were net buyers. The index is up 7.2% YTD.

In the green: Credit Agricole Egypt (+4.1%), Madinet Nasr Housing (+3.9%) and Ibnsina Pharma (+3.0%).

In the red: Speed Medical (-4.3%), Heliopolis Housing (-2.5%) and CIRA (-2.2%).

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