‘Tis the season for 3Q earnings, with more of the country’s biggest companies out with their latest financials over the weekend.

ELSEWEDY ELECTRIC’S NET INCOME ALMOST DOUBLES-

Elsewedy Electric saw its net income after minority interest rise 92.2% y-o-y in 3Q 2024 to reach EGP 4.8 bn, the company said in its latest earnings release (pdf). Revenues rose 58.8% y-o-y to reach EGP 62.2 bn during the quarter “driven by higher prices, which contributed to strong revenue growth in the company’s largest segment, wires and cables.”

Driving the growth: The company’s wires and cables segment was once again its main driver of revenues, growing 73.7% y-o-y to EGP 37.7 bn during the quarter, which it attributed to higher prices and an increase in volumes sold. Its turnkey segment was the second biggest revenue contributor, growing 37.7% y-o-y to EGP 18.1 bn during 3Q 2024.

On a 9M basis: During the first nine months of the year, Elsewedy Electric’s net income after minority interest rose 64.2% y-o-y to EGP 13.3 bn. The company’s revenues came in at EGP 164.8 bn during the same period, up 51.5% y-o-y.

Looking ahead: “We remain dedicated to improving operational efficiencies, optimizing cost structures, and expanding our influence in key high-growth markets,” CEO Ahmed El Sewedy said.

FAWRY’S NET INCOME MORE THAN DOUBLES-

Fawry reports 134.8% growth in net income in 3Q: EGX-listed fintech giant Fawry saw its bottom line grow by 134.8% y-o-y to EGP 477.7 mn in 3Q 2024, according to the company’s latest earnings release (pdf). The company’s revenues grew 77% y-o-y to just over EGP 1.5 bn over the quarter, “driven by the expansion and diversification of the company’s business offerings, which alongside effective cost control measures resulted in robust profitability.”

On a 9M basis, the company’s net income rose by 127.4% to just over EGP 1.1 bn, while its bottomline grew by 65.9% y-o-y to EGP 3.8 bn over the period.

Driving the growth: Fawry’s banking services segment was once again the main contributor to its overall revenues, with the segment’s earnings jumping 101.1% y-o-y to EGP 662 mn during 3Q 2024. It was followed by the alternative digital payments segment, which saw its revenues grow by 37.9% y-o-y to just under EGP 482 mn. The company’s financial services segment came in third, growing by 159.5% y-o-y to EGP 277.2 mn, while revenues from supply chain solutions grew by 42.5% to EGP 93.3 mn.

Moving forward: “Looking ahead, we remain focused on building a multi-sided platform that facilitates seamless interactions across our network. Through ongoing innovation and service expansion, we are addressing the diverse needs of our customer base and furthering financial inclusion by reaching Egypt’s unbanked and underserved communities,” CEO Ashraf Sabry said.

RAMEDA’S NET INCOME CLIMBS 54%-

Local pharma player Rameda saw its net income climb 54.5% y-o-y to hit EGP 120.4 mn in 3Q 2024, this came despite a 52.5% increase in financing costs, according to the company’s earnings release (pdf). Rameda’s revenues rose 39.9% y-o-y to reach EGP 763.2 mn during the quarter.

In 9M 2024, Rameda recorded EGP 244 mn in net income, up 23.9% y-o-y, while revenues saw a 28.5% y-o-y increase to reach EGP 1.8 bn in the same period.

Thanks to an increase in prices and sales volumes: “Solid revenue growth from private sales was driven by price increase approvals that ranged from 40%-50% for products that contributed more than 90% of the group’s top line,” the release said.

But it didn’t come without challenges: “In the first nine months of the year, we faced significant challenges from inflation and currency devaluation; however, we have now shielded these concerns, and we now expect to fully reap the rewards of the year’s price adjustments during the coming quarters,” CFO Mahmoud Fayek said.

MM GROUP SEES A 61% JUMP IN INCOME-

MM Group for Industry and International Trade saw a 61.1% y-o-y increase in net income in 3Q 2024 to hit EGP 289 mn, according to the company’s latest earnings release (pdf). Revenues grew by 54.6% y-o-y to reach EGP 4.5 bn during the third quarter of the year.

On a 9M basis: The group recorded EGP 782 mn in net income during the first nine months of the year, a 65% y-o-y increase. Its revenues jumped 34.9% y-o-y during the period to record EGP 10.8 bn.

The breakdown: MM Group’s consumer electronics line accounted for 80.9% of all revenues for the nine-month period — revenues from consumer electronics saw a 45.8% y-o-y to record 8.7 bn for 9M 2024. The automotive line accounted for some 17.3% of all revenues for the period and the telecom and tractors lines represented 1.6% and 0.2% of total revenues, respectively.

TELECOM EGYPT SEES A DROP IN INCOME, RISE IN REVENUES-

Telecom Egypt recorded a 13.3% y-o-y dip in income during 3Q 2024 to record EGP 2.1 bn due to higher financing costs, according to the company’s latest earnings release (pdf). Revenues, meanwhile, saw a 48.1% y-o-y rise to reach EGP 20.5 bn during the quarter thanks to a 46% y-o-y increase in retail revenues and a 51% y-o-y increase in wholesale revenues.

The bigger picture: The company’s net income came in at EGP 8.6 bn for the first nine months of 2024, down 5.6% y-o-y. This came despite a 39.3% y-o-y jump in revenues to record EGP 58.4 bn. “Higher net financing costs caused by the devaluation of the EGP and the higher interest rates during the period pressured the bottom line,” CEO Mohamed Nasr said.

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