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Tuesday, 2 August 2022

Macro Group profits rise in 2Q 2022 despite economic headwinds

Macro Group saw its bottom line grow 36% y-o-y to EGP 40.7 mn in 2Q 2022, according to the company’s latest financial statement (pdf). Revenues jumped 47% y-o-y to EGP 170.2 mn in the April-June period. The results marked a “strong performance amidst what has been a challenging period, both locally and globally,” Chairman Ahmed Elnayeb said in the company’s accompanying earnings release (pdf). “We believe that Macro’s healthy balance sheet, implementation of disciplined cost controls, and multi-channel growth strategy uniquely positions the group to achieve sustainable growth.”

Driving growth: Macro Group attributed revenue growth during the first half of the year to the company’s decision to hike prices, which rose 20% y-o-y. Sales volumes increased 9% y-o-y during the six-month period. Revenues from the company’s premium brands more than doubled y-o-y in 2Q 2022 to EGP 15.4 mn. Macro also launched six new products during the quarter, and moved to raise overseas sales to hedge against the recent currency devaluation, it said.

M&A Watch: The cosmeceutical firm is in the process of finalizing its acquisition of nutraceutical company Zimmer, pending the signing of final contracts, according to the release.

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