The earnings just keep coming: A bunch of companies released their quarterly earnings over the weekend — CI Capital, E-finance, GB Corp, and Elsewedy Electric.

CI CAPITAL SEES NET INCOME MORE THAN DOUBLE-

CI Capital’s net income after minority interest and taxes rose 146% y-o-y in the first half of 2024 to some EGP 1.3 bn, driven by solid top-line growth across all business segments, the company said in a press release (pdf).

The company’s revenues climbed 61% y-o-y to EGP 5 bn in 1H 2024. Revenues from its corporate leasing arm Corplease were up 48% y-o-y to EGP 2.6 bn, while its mortgage finance wing posted a 155% y-o-y jump in revenues to EGP 224 mn. The group’s investment bank posted a 94% y-o-y increase in revenues to EGP 891 mn.

The group’s total financing portfolio reached EGP 20.5 bn in 1H 2024 — Corplease saw its portfolio grow to EGP 14.9 bn, while its microfinance arm Reefy’s loan portfolio stood at EGP 3.4 bn.

E-FINANCE’S NET INCOME FALLS-

E-finance sees income fall, revenues rise: State-owned fintech player E-finance saw its net income after non-controlling interest drop 31.2% y-o-y to EGP 300.2 mn in 2Q 2024, on the back of higher costs due to the float of the EGP in March and a decline in higher-margin business, the company said in its latest earning release(pdf). Revenues inched up 17.2% y-o-y to EGP 1.1 bn during the three-month period.

Helping drive revenue growth: Growth was driven primarily by the company’s flagship business, E-finance Digital Operations, which generated EGP 1.0 bn in revenues during the quarter, up 22.1% y-o-y. The company’s eKhales and eAswaaq also helped drive growth, with their revenues increasing 45.5% and 74.9% y-o-y, respectively.

But overall, it was a good first half: E-finance saw its top line grow 31.6% y-o-y to EGP 2.3 bn during the first half of the year, driven by growth across most of the group’s subsidiaries. Net income after non-controlling interest inched up 6.2% y-o-y to EGP 762.7 mn.

GB CORP SEES INCOME DIP IN 2Q-

GB Corp’s net income after tax and minority interest fell 15.7% y-o-y during 2Q 2024 to EGP 421.8 mn “on the back of high inflationary pressures driven by the floatation of the EGP,” according to its latest earnings release (pdf). Despite the drop in net income, revenues saw a 69.3% y-o-y increase during the quarter to record EGP 10.2 bn.

The details: GB Corp’s automotive assembly and distribution unit GB Auto saw its revenues rise 74.8% y-o-y to EGP 8.8 bn during the quarter “on the back of improved pricing strategies and an enhanced product mix, which helped mitigate challenging market conditions,” according to the release. The group’s NBFS arm GB Capital saw its revenues rise 21.7% y-o-y to EGP 1.4 bn “driven by an expansion in GB Capital's portfolio of alternative financing solutions.”

On a semiannual basis, the company saw its net income after tax and minority rise 72.3% y-o-y to EGP 1.0 bn during the first half of the year, while its revenues rose 78.4% y-o-y during the six-month period to EGP 19.2 bn.

ELSEWEDY HAD A ROBUST QUARTER-

Elsewedy Electric saw its net income after minority interest rise 67.5% y-o-y in 2Q 2024 to just under EGP 4.5 bn “driven by a significant increase in top-line revenues and the stockpiling of metals at lower exchange rates,” according to the company’s latest earnings release (pdf). Revenues rose 58.1% y-o-y to EGP 57.4 bn during the quarter.

Driving the growth: The company’s wires and cables segment was once again its main driver of revenues, growing 72.9% y-o-y to EGP 34.5 bn during the quarter, which it attributes to “positive currency translation effects coupled with increased volume sold.” Its turnkey segment was the second biggest revenue contributor, growing 45.4% y-o-y to just under EGP 17.2 bn in 2Q 2024.

On a 1H basis: During the first half of the year, Elsewedy Electric’s net income after minority interest rose by 51.6% y-o-y to EGP 8.4 bn, while its revenues rose by 47.4% y-o-y to EGP 102.6 bn.

Going forward: “Looking ahead, we will continue to focus on enhancing operational efficiency, maintaining a robust balance sheet, and capturing opportunities across our region. With a strong commitment to innovation and effective cost management, I am confident in our ability to not only achieve our growth goals but also reach other key milestones, continuing to break new ground in the integrated, infrastructure solutions landscape,” CEO Ahmed El Sewedy said.

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