More 1Q earnings released. More companies were out with their 1Q earnings over the weekend.

IDH’S NET INCOME MORE THAN DOUBLES-

Strong tests volume boosts IDH’s results: Regional diagnostic services provider Integrated Diagnostics Holding (IDH) saw its net income soar 139% y-o-y in 1Q 2024 to EGP 402 mn, the company said in its latest earnings release (pdf). Revenues saw a 28% y-o-y increase during the quarter to EGP 1.2 bn “on the back of strategic price hikes implemented across several of the company’s geographies.”

Egypt drove the growth: Revenues from Egypt operations accounted for some 84.5% of the company’s topline during the quarter, recording a 35% y-o-y increase to record EGP 989 mn. This came “despite the anticipated slowdown in patient traffic associated with the holy month of Ramadan which this year began in the second week of March,” IDH’s CEO Hend El Sherbini said.

A look at the other markets: Jordan came in second accounting for 14.1% of the company’s revenues, followed by Nigeria, Saudi Arabia, and Sudan.

Looking ahead: “In Egypt, we are beginning to see the early signs of a sustained economic recovery … As such, we expect volumes to continue growing steadily as inflation declines and patients’ purchasing power improves,” El Sherbini said. “Elsewhere across our footprint, we are particularly excited to continue ramping up operations in Saudi Arabia and begin to realize our new market’s full potential.”

TMG’S BOTTOMLINE UP ALMOST 6X-

TMG‘s bottomline logs sixfold increase: Talaat Moustafa Group Holding’s (TMG) net income surged 491% y-o-y in 1Q 2024 to over EGP 4.1 bn on the back of a landmark agreement that saw TMG acquire a majority stake in a group of seven historic hotels, the company’s earnings release (pdf) showed. The acquisition spurred TMG’s hotel division to amass EGP 3.7 bn in revenue during the quarter, a 360% y-o-y increase,

Contractual sales drove growth: TMG’s topline rose 53% y-o-y during the quarter to EGP 6.8 bn. The company recorded EGP 115.3 bn in contractual real estate sales, a nearly 2.7-fold increase. The surge in sales was driven by EGP 32 bn in reservations for the Banan city project, which is being developed by the company’s Saudi arm in Riyadh.

EASTERN COMPANY’S NET INCOME UP 26% IN 1Q–

Tobacco giant Eastern Company saw its net income increase 26% y-o-y to nearly EGP 2.3 bn in the third quarter of the fiscal year 2023-2024, according to the company’s latest earnings release (pdf). Meanwhile, revenues rose 25% y-o-y to EGP 5.8 bn thanks to an increase in local cigarette sales.

The bigger picture: Eastern Company saw its net income dip 2% y-o-y during the first nine months of the fiscal year to EGP 5.2 bn. Meanwhile, revenues fell 5% y-o-y during the period to EGP 13.7 bn.

ICYMI: US-based tobacco behemoth Phillip Morris acquired an indirect 14.7% stake in Eastern Company in May. Eastern Company and Phillip Morris’ subsidiary United Tobacco are the only companies licensed to manufacture cigarettes in Egypt.

MTI’S NET INCOME ROSE 62% IN 1Q 2024

MM Group for Industry and International Trade (MTI) recorded a net income of EGP 248 mn in Q1 2024, up 61.8% y-o-y, according to the company’s latest earnings release (pdf). The company’s topline was up 11.8% y-o-y to EGP 2.8 bn, driven by strong growth in its consumer electronics segment, which accounted for three quarters of revenues.

Tags: