It’s raining earnings. Companies continued to publish their first quarter earnings. This morning we have very healthy earrings from Palm Hills, Raya Holding, CI Capital, and GB Corp.

PALM HILLS LOGS RECORD SALES IN 1Q 2024-

Real estate developer Palm Hills Developments (PHD) saw its top line rise 77% y-o-y to EGP 6.2 bn during the first quarter of the year, according to its latest earnings release (pdf). The developer’s net income after tax and minority interest jumped 297% y-o-y to just over EGP 1 bn during the same period.

New sales hit a record EGP 32.3 bn during the quarter, up 377% y-o-y on back of “strong demand across all the operating regions,” the company said.

Looking ahead: “Our real estate and commercial development pipeline will sustain their pace of expansion throughout the remainder of the year, and we will continue to actively explore opportunities through strategic land bank replenishment — in line with our strategic objectives — complemented by new launches in the existing projects,” said Executive Chairman Yasseen Mansour.

CI CAPITAL SEES “STRONGEST EVER” QUARTER-

CI Capital’s net income after minority interest and taxes rose 194% y-o-y in the first quarter of the year to EGP 939 mn, which CEO Hesham Gohar attributed to “solid top-line growth across all verticals in addition to solid treasury and liquidity management,” according to a press release (pdf).

The company’s top line climbed 79% y-o-y to EGP 2.9 bn in the quarter. Revenues from its corporate leasing activities were up 68% y-o-y to EGP 1.6 bn, while its mortgage finance wing saw its revenues rise 177% y-o-y to EGP 99 mn. Revenues from its investment bank also saw a strong growth of 104% y-o-y to EGP 528 mn. The group’s total financing portfolio was up 4% y-o-y in 1Q 2024 to EGP 20.7 bn.

RAYA HOLDING NET INCOME ON THE RISE-

Raya Holding saw its net income after minority interest climb 125% y-o-y in 1Q 2024 to reach EGP 378 mn, mainly driven by the company’s thriving exports-oriented businesses such as its IT wing Raya IT, business process outsourcing wing RCX, and F&B supplier Raya Foods, according to its latest board of director’s report (pdf) to accompany its consolidated financial statements (pdf) for the first quarter of the year.

Revenues were up 59% y-o-y to EGP 10.4 bn during the three months to March, fueled by foreign currency revenues — which account for 26% of the group’s business — increasing by 65% to EGP 2.7 bn, and strong performance across Raya’s subsidiaries.

The breakdown: Raya’s trade and distribution business unit generated 45% of Raya’s total revenues for the year, reaching EGP 4.7 bn in 1Q 2024, up 66% y-o-y. The second biggest contributor was the firm’s IT arm and its subsidiaries with 24%, amounting to EGP 2.5 bn, with a 98% y-o-y increase, while the group’s NBFS business came in third contributing nearly 13% of total revenues with EGP 1.3 bn for the period, up 23% y-o-y.

GB CORP BOTTOM LINE SPIKES IN 1Q-

GB Corp’s net income surged 481.6% y-o-y to record EGP 626.3 mn in 1Q 2024, “mainly driven by increased revenues and enhanced efficiency across the majority of lines of business as well as improved improved supply,” the company said in a press release (pdf). Revenues almost doubled during the quarter to record EGP 9.0 bn “as the market started to acclimate to the floatation of the EGP.”

Driving the growth: The company’s automotive assembly and distribution unit GB Auto — which contributed 85% of the group’s total revenue — saw its revenues rise 97.7% y-o-y to EGP 7.7 bn, led by “dynamic pricing strategies and diverse product mix across its lines of business,” the release said. The group’s NBFS arm GB Capital saw its revenues rise 43.2% y-o-y to EGP 1.4 bn driven by “an expansion in the company’s offerings, which cater to the rising demand for alternative financing solutions,” the company said.

The fine print: GB Corp’s auto segment now encompasses both its Egyptian and Iraqi operations (including sales and after-sales), a move adopted in 1Q 24, the statement said.

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