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Sunday, 29 May 2022

Earnings watch: MM Group, Oriental Weavers, Emaar Misr report 1Q2022 results

EARNINGS WATCH-

MM Group reported a 60.1% y-o-y drop in its 1Q2022 bottom line, recording EGP 51 mn, according to an earnings release (pdf). The company’s consolidated revenues also fell 22.9% y-o-y during the quarter to hit EGP 1.94 bn.

Oriental Weavers recorded EGP 260.06 mn in net income in 1Q2022, down 24.2% y-o-y, according to its financial statements (pdf). The company’s sales rose 18.2% y-o-y to reach EGP 3.26 bn.

Emaar Misr’s bottom line rose 199% y-o-y in 1Q2022 to record EGP 1.58 bn, according to the company’s financial statements (pdf). Revenues for the quarter rose 66.6% y-o-y, coming in at EGP 2.57 bn.

The EGX30 fell 1.1% at today’s close on turnover of EGP 298 mn (64.6% below the 90-day average). Local investors were net buyers. The index is up/down 15.6% YTD.

In the green: GB Auto (+7.3%), AMOC (+0.9%) and Fawry (+0.8%).

In the red: Oriental Weavers (-5.4%), Heliopolis Housing (-4.6%) and EFG-Hermes (-3.5%).

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