It’s earning’s o’clock: As we get ready to enter September, companies are continuing to churn out reports for their 2Q and 1H earnings for the year.

IDH’S NET INCOME, REVENUES UP IN 2Q-

IDH had a good quarter: Regional diagnostic services provider Integrated Diagnostics Holding’s (IDH) net income jumped 84% y-o-y to EGP 78 mn in 2Q 2024, it said in an earnings release (pdf). During the same period, revenues rose 39% y-o-y to EGP 1.3 bn. Topline growth was spurred by higher test volumes and higher average revenues per test as a result of effective pricing strategies.

On a 1H basis: Net income more than doubled y-o-y to EGP 480 mn in 1H 2024, while revenues came in at EGP 2.5 bn, marking a 33% y-o-y increase.

Om El Donya drove the growth: Revenues from the company’s operations in Egypt — its core market — accounted for 83.1% of the company’s topline during the quarter, recording a 38% y-o-y increase to EGP 1.1 bn. On a 1H basis, Egypt operations contributed 82.8% of total revenues, followed by Jordan (15.4%), Nigeria (1.5%), and Saudi Arabia (0.2%).

Looking ahead: “In Egypt, we expect continued growth driven by recent economic reforms

and a gradual improvement in purchasing power,” said CEO Hend El Sherbini. “We are particularly excited about the significant potential in our radiology venture. As the economy stabilizes, we see a tremendous opportunity to further capitalize on this growth area, leveraging our enhanced capabilities to deliver even greater value across the region.”

REMEMBER- IDH is delisting from the EGX: The company on Monday repurchased some18.7 mn shares for EGP 20 a piece as part of its delisting buyback program. The buyback settlement process was slated for completion yesterday, according to the earnings release. IDH will transfer its shares from the EGX to the London Stock Exchange.

NET INCOME UP, REVENUES DOWN FOR ORASCOM CONSTRUCTION IN 1H-

US activities drive income growth, while revenues dip after MEA activity falls: The construction giant saw its net income rise 13.7% y-o-y during the first half of the year to USD 64.7 mn thanks to a 54.2% y-o-y increase in income recorded from the company’s US activities, according to its latest earnings release (pdf). Revenues were down for the period, falling 5.5% y-o-y to record USD 1.5 bn on the back of a 24.5% reduction in revenues from the MEA region.

Backlog grows: The company’s consolidated backlog grew 39.7% y-o-y to USD 7.7 bn during the six-month period — projects in Egypt accounted for 62.7% of Orascom Construction’s total consolidated backlog, projects in the US came in second with 25.5%. The company’s new awards rose 3.7% y-o-y to USD 1.7 bn during 1H 2024.

On a quarterly basis: Orascom Construction saw its net income dip 10.7% y-o-y to USD 18.6 mn in Q2 2024, due to a 42.7% y-o-y dip in the MEA region’s income for the period. Revenues fell 6.3% y-o-y for the quarter, coming in at USD 711.1 mn while new awards were up 41.8% y-o-y to USD 1.0 bn during the quarter.

Looking ahead: “Our backlog stands at a healthy USD 7.7 bn, positioning us to remain selective in pursuing new opportunities while maintaining our focus on project execution to capitalize on the current backlog,” said CEO Osama Bishai.

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