CIRA Education, Mashreq Bank report earnings

Earnings for 2024 and the start of the academic year are beginning to roll in, with CIRA Education and Mashreq Bank out with their latest financials.

CIRA EDUCATION REPORTS RISE IN REVENUES, NET INCOME-

CIRA Education reported 87% y-o-y increase in net income in the three-month period ending 30 November, to record EGP 181.7 mn, the leading private-sector education company said in its latest earnings release (pdf). The company’s net income margin rose 4.1 percentage points to 17.9% throughout the same period, which CEO Mohamed El Kalla attributed to “efforts to maximize efficiencies across the group and keep a tight grip on costs.”

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Revenues increased 44% y-o-y during the three-month period, totaling EGP 1.02 bn, backed by an uptick in enrollment rates in its higher education, K-12, and nursery businesses.

CIRA’s higher education platform continued to drive growth, with revenues from its universities and associated operations increasing 56% y-o-y. The release noted higher enrollment at its Badr University in Cairo and in Assiut campuses, in addition to the launch of Saxony Egypt University, which together generated EGP 623.1 mn in tuition revenue. Its K-12 segment saw revenues increase 25% y-o-y to EGP 328.7 mn, which the release puts down mainly to higher tuition revenues and rising enrollment.

CIRA has plenty in store for the years ahead: “I am happy to report that we are inching closer to obtaining the necessary certifications to launch our new Advanced Sci-Tech International Hub in Damietta, which is on track for inauguration in 2026. Additionally, a new Seneca International campus in East Cairo, dedicated to the tech industry, will come online once we obtain the necessary approvals,” said El Kalla.

MASHREQ SEES NET INCOME RISE THROUGHOUT 2024-

Our friends at Mashreq saw their net income reach AED 9 bn in 2024, marking a 3.9% y-o-y increase, according to the bank’s financial statements (pdf). Net income before tax was up 12% y-o-y to AED 9.9 bn. The bank’s operating income for the period rose 24.2% y-o-y to AED 13.4 bn.

The lender’s total assets rose 11.4% y-o-y to AED 267.5 bn by the end of last year, with loans and advances growing 18% y-o-y. Meanwhile, customer deposits increased by 10% y-o-y to AED 160.9 bn.

The bank attributed the solid performance to diversified income streams, including strong client engagement in FX, derivatives, and commodities, with non-interest income up 63% y-o-y at AED 5 bn, according to the lender’s earnings release (pdf).

What they said: “This year, we achieved phenomenal growth across several markets, including India, Hong Kong, and the GCC,” Group CEO Ahmed Abdelaal said. “Our entry into Pakistan, where we became the first bank to secure a restricted pilot license for digital retail banking, represents a significant milestone in our journey to foster financial inclusion. Additionally, the launch of Mashreq Neo in Egypt further solidifies our leadership in innovation and customer-centric solutions.”