Concrete ends FY 2023 on a “strong note”: Concrete Fashion Group (CFG) saw its net income increase 3.2% y-o-y during its fiscal year 2023 — ended 31 January 2024 — to USD 12.8 mn, the company said in its latest earnings release (pdf). The company was able to remain profitable despite an increase in financing costs — which crept up 151.4% y-o-y to USD 17.6 mn — on the back of rising interest rates, especially on FX-denominated debt.

The company’s net sales also increased 3.4% y-o-y during the fiscal year, reaching USD 150.8 mn. CFG’s sales for the year were largely driven by a strong performance from its manufacturing segment, which contributed 81% of the group’s sales.

Looking ahead: “On the local front, we are aiming to leverage the scale and brand equity of Concrete to capitalize on the vast growth offered by Egypt’s large and rapidly expanding domestic market. Meanwhile, on the global front, we are doubling down our efforts to increase our reach and export volumes supported by Egypt’s new cost competitiveness as an international manufacturing hub after the float of the EGP in March 2024,” CEO Alaa Arafa said.

EKH’S BOTTOM LINE UP IN 1Q-

Our friends at Egypt Kuwait Holding (EKH) saw its attributable net income rise 4.3% y-o-y in 1Q 2024 to USD 62.6 mn, according to the company’s latest earnings release (pdf). EKH’s top line, however, dropped 14.2% y-o-y during the period to USD 193 mn, which the company attributed to a weakening in global urea prices after hitting their peak in 2022, and the float of the EGP late in the quarter.

Looking ahead: “In 2024, we will focus on directing our main efforts towards exploring expansion in regional markets and venturing into new and diverse sectors,” said chairman Loay Jassim Al Kharafi. “Our goal remains to foster sustainable growth and optimize revenue streams in foreign currencies.”

ODE’S REVENUES INCREASE-

ODE top line rises: EGX-listed Orascom Development Egypt (ODE) saw its revenues rise 41.4% y-o-y to EGP 4.2 bn during the first quarter of the year, driven by “robust business execution across all business segments,” the company said in an earnings release (pdf).

FX losses put the company’s bottom line in the red: The company reported an EGP 984.5 mn loss during the quarter, in comparison to a net profit of EGP 384.0 mn during the same period last year. This came on the back of FX losses attributed to the devaluation and its finance costs more than doubling due to the increase in interest rates.

A new record for the real estate segment: ODE logged EGP 8.8 bn in new sales in 1Q 2024, its highest-ever for a 1Q figure and up 218.3% from 1Q 2023. Hospitality revenues were also up, rising 21.9% y-o-y to EGP 698.8 mn.

ALEXBANK’S SOLID QUARTER-

A “solid performance” from Alexbank: Alexbank’s net income rose 78.2% y-o-y in 1Q 2024 to EGP 2.1 bn, the bank said in a press release (pdf). The lender’s total assets jumped 8.3% y-o-y to EGP 175.3 bn.

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