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CI Capital’s net income climbed 54% y-o-y to reach EGP 747 mn in 9M 2023, driven by a strong growth across its investment bank and NBFS platforms, according to their latest earnings release (pdf). The company’s topline rose 87% y-o-y to EGP 4.7 bn in 9M 2023, while its loan portfolio expanded by 32% y-o-y to EGP 21 bn.
Solid bottomline performance among its NBFS: Net income for its leasing arm, Corplease, grew 53% y-o-y to reach EGP 415 mn in 9M 2023, while that of its microfinance arm Reefy rose by 31% y-o-y to EGP 317 mn in the same period.
The group’s investment bank recorded an 80% growth in revenues to EGP 826 mn in 9M 2023, thanks to a strong turnout from its brokerage, asset management and investment banking divisions.
Cautious optimism: “CI Capital concluded the first nine months of the year as Egypt’s largest NBFS platform, leading asset manager by size and performance, and leading debt and equity advisory house,” said CEO Hesham Gohar. “We continue to deploy our resources efficiently to navigate the challenges in the markets in which we operate, in addition to recent regional geo-political instability, while remaining cautiously optimistic about the future.”
ORASCOM CONSTRUCTION INCOME DOUBLES DURING 9M 2023-
OC net income doubles in 9M 2023: Orascom Construction’s (OC) net income doubled y-o-y to USD 114.8 mn during the first nine months of the year, according to its latest earnings release (pdf). This came despite a 23% y-o-y decrease in revenues, which recorded USD 2.4 bn for 9M 2023, which the company attributed to the devaluation of the EGP.
A weaker 3Q performance: The company’s revenues dipped 30% y-o-y during 3Q 2023 to record USD 802 mn, which resulted in a 33% y-o-y drop in net income to USD 16 mn for the same period.
It’s been a big year for backlogs: OC’s consolidated backlog was up 14% y-o-y to USD 7 bn during the period between January and September 2023, while new awards increased 26% y-o-y during 9M 2023 and 234% y-o-y during 3Q 2023. OC’s pro forma backlog including its 50% share in Belgium-based subsidiary BESIX also rose by 12% y-o-y to USD 9.8 bn in 9M 2023. Egypt accounted for 65% of the company’s backlog, followed by the USA (23%), and the UAE (9%).
Looking ahead: The company’s backlog figures are calculated based on the official exchange rate. Should the EGP fall by 20% against the USD, the company’s 9M 2023 backlog figures would be c.3% lower (USD 195 mn), the company said. The currency is expected to decline by at least 20% against the greenback when the central bank goes ahead with its widely anticipated devaluation in the coming weeks.
