Earnings watch: Heliopolis Housing and Abu Qir Fertilizers

EARNINGS WATCH- Heliopolis Housing reported a 55% y-o-y decline in net profit after tax to EGP 59.2 mn in 1H2017/18, down from EGP 132 mn during the same period last year, according to a regulatory filing (pdf). The company explained that the dip in profit came as it paid for an EGP 63 mn plot of land it purchased from the Egyptian Contracting Company in Obour.

Abu Qir Fertilizers reported a 14.38% y-o-y increase in net profit after tax to EGP 1.24 bn in 2017, up from EGP 1.09 bn in 2016, according to a filing with the EGX disclosure (pdf).