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Earnings, earnings, earnings. The earnings just keep on coming, with more companies out with their financials for the third quarter of the year.
CI CAPITAL SEES NET INCOME RISE 50% DURING 3Q 2024-
CI Capital’s net income after minority interest and taxes came in at EGP 344 mn for 3Q 2024 — up 50% from the same period last year, the company said in a press release (pdf).
On a 9M basis: CI Capital’s net income after minority interest and taxes rose 116% y-o-y to a record high EGP 1.6 bn for the first nine months of the year, driven by continued top-line growth across all of the firm’s segments.
The company’s revenues climbed 52% y-o-y to around EGP 7.2 bn in 9M 2024. Revenues from its corporate leasing arm Corplease rose 37% y-o-y to EGP 3.6 bn, while its mortgage finance wing saw a 130% y-o-y jump in revenues to EGP 355 mn. The group’s investment bank also posted a 79% y-o-y increase in revenues to nearly EGP 1.3 bn.
The group’s total financing portfolio surpassed EGP 20 bn in 9M 2024 — Corplease’s financing portfolio stood at EGP 14.9 bn, while its microfinance arm Reefy’s loan portfolio rose to EGP 3.5 bn. CI Mortgage Finance’s outstanding portfolio stood at EGP 1.6 bn.
EASTERN COMPANY SEES IMPROVED NET INCOME + REVENUES-
Tobacco giant Eastern Company saw its net income rise 62% y-o-y to EGP 1.8 bn in 1Q FY 2024-25, according to the company’s latest financial statements (pdf). Net revenues rose by 162% y-o-y to EGP 8.1 bn, which the company attributed to 70% y-o-y increase in local sales volumes.
HHD ENDED 3Q IN THE GREEN-
Heliopolis Housing and Development (HHD) recorded EGP 347.3 mn in net income in 3Q 2024, a turnaround from losses of EGP 16.5 mn during the same period last year, thanks to the board prioritizing cost-cutting efforts during the three-month period, the company said in its latest financial statement (pdf). The real estate developer saw its operating revenues expand 12.8% y-o-y to EGP 159.5 mn during the three-month period.
What about 9M? The real estate developer recorded its net income rose to EGP 1.7 bn, up from EGP 8.0 mn in the first nine months of the year. The real estate company’s operating revenue increased 124.0% y-o-y to EGP 896.2 mn over the same period.
