The 9M and 3Q earnings reports continue to trickle in this morning, with Macro Group Pharma reporting a net loss in the first nine months of the year and Al Baraka Bank seeing its bottomline log solid growth in 3Q 2024.

MACRO GROUP TOUTS 3Q AS “BEGINNING OF GROWTH PHASE” AFTER DIFFULT YEAR-

Macro Group records EGP 66 mn in losses for 9M 2024: Macro Group Pharma saw its bottom line fall 167% y-o-y to record a net loss of EGP 66 mn for the first nine months of the year, with the cosmeceuticals company citing inventory adjustments and one-off impairment losses as driving the drop in its latest earnings release (pdf). Revenues for the period also fell 46% y-o-y to EGP 319 mn, impacted by a 36% drop in sales volumes.

But the third quarter showed some positive signs: The firm registered a net income of EGP 23 mn during the quarter. The earnings release noted that demand for products at the pharmacy level has strengthened during the quarter, “leaving us optimistic about future sales growth.”

Looking ahead: Upping exports is still part of the company’s long-term vision, with company chairman Ahmed Elnayeb saying that expansion into new markets “remains a key strategy to counter local challenges, mitigate currency risks, and broaden our market reach.” Elnayeb also noted that Macro Group’s shareholders have extended the company an EGP 158 mn loan to finance the company’s working capital and fund its restructuring.

AL BARAKA BANK LOGGED SOLID GROWTH IN 3Q 2024-

Al Baraka Bank Egypt reported a 51.9% y-o-y increase in net income in 3Q 2024 to record EGP 888.2 mn, up from EGP 584.7 mn in the previous period, according to its consolidated financial statements(pdf). The lender’s income from Murabaha, Musharaka, and Mudarabah jumped by 59% y-o-y to EGP 5.1 bn, up from EGP 3.2 bn in the same period last year.

The year has been good to the lender so far, with the bank logging in EGP 2.2 bn in net income during 9M 2024, up 38.3% y-o-y from the EGP 1.6 bn recorded last year during the same period. The bank also saw its Islamic income-sharing and trade income rise by 57.2% y-o-y to reach EGP 13.7 bn, up from EGP 8.7 bn during 9M 2023.

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